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Consumers grow less optimistic
The University of Mich. consumer sentiment index fell to 91.7 in Oct., down from 94.2 in Sept. but up from a mid-Oct. reading of 87.5. The current conditions index edged up to 104 from 103.7 in Sept. and well above the 99.6 midmonth figure. The gauge of the economic outlook fell to 83.8 from 88.0 in Sept., but firmed from 79.6 at midmonth.
ECRI leading index rises in week
The Economic Cycle Research Institute's gauge of the U.S. economic outlook rose to 131.6 in the week ended Oct. 15 from 131.0 the prior week. A rise in mortgage applications and fall in jobless claims offset lower stock prices. The index's growth rate remained unchanged at an 81-week low of -1.0%. Neither a strong rebound nor severe downturn lays ahead, ECRI said.
Fed to stay flexible on rate hikes
Fed Vice Chairman Roger Ferguson said monetary policy remains accommodative with the fed funds rate at 1.75%, after three quarter-point hikes. The Fed's job will be to determine the appropriate course for removing that policy accommodation by ...