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🔴 Inflation Station:
Inflation rates have cooled since their peak in June 2022 but remain stubbornly above desired levels.
In October, the Bureau of Labor Statistics reported that the core inflation rate rose in September by 4.1% YOY — more than double the Federal Reserve's target of 2%.
🟡 Interest Rates:
Interest rates will likely be elevated for quite some time, with economists forecasting only a 1% drop in 2024, which means that it will remain expensive to borrow money.
On the flip side, attractive interest rates on high-yield savings accounts will persist as well.
🟢 Market Updates:
New vehicle retail sales show a 6.9% YOY climb.
Truck/SUVs are expected to have accounted for 79% of new-vehicle retail sales in October.
Inventory levels increased by 5.5% from last month (but prices are taking a slight downturn).
