Today's Economy

It may take a while to see the benefits of using rate hikes to wrangle inflation.

Prolific vaccination has helped keep the Delta variant under control.

The outlook for China's economy is more concerning than a month ago.

U.S. retail sales unexpectedly rose in September, but not enough to keep Q3 tracking from sliding.

Commentary

As the Delta wave of the pandemic winds down, the recovery and job market will rev back up.

Business expectations have been trending sideways, posing a negative spillover risk for households.

Mexico and Uruguay see production gains while Chile joins Peru in hiking interest rates.

Inflation, mostly driven by energy prices, will be the focus next week.

Today's Economic Indicators

Belgium
Industrial Production
Aug. 2021: 35.2% y/y

Canada
Housing Starts
Sep. 2021: 251 ths
Housing starts totaled 251,151, falling 4.4% from their level in August.

Canada
International Transactions in Securities
Aug. 2021: C$26.3 bil
Foreign investors scooped up long-term Canadian government debt, driving the net level of foreign investment in Canadian securities to its highest level since the early days of the pandemic.

United States
Industrial Production
Sep. 2021: -1.3% m/m
Hurricane Ida left a bigger mark on September U.S. industrial production than we had anticipated.

United States
NAHB Housing Market Index
Oct. 2021: 80
Homebuilder confidence edged up 4 points to 80 in October.

World
Moody's Analytics Survey of Business Confidence
October 15: 16.5
Global businesses remain less than enthusiastic about their business and the broader economy.

United States
Treasury International Capital Flows
Aug. 2021: $79.3 bil
Net long-term capital flows bounced back strongly in August, with net inflows totaling $79.3 billion, compared with inflows of $2 billion in July.

Japan
Tankan Survey
2021Q3: