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Tidbits, GDP, Politics, Markets & Rain Days Update 10/18/23

House member Jim Jordan received 200 votes to be Speaker, but needs 217 to obtain speakership as 20 Republicans voted against Jordan. Republican leadership announced the House will reconvene today at 11 AM Eastern to discuss when to vote again.



US retail sales were up 0.7% for September; the market expected a number closer to 0.3%. Industrial production was up 0.3%; the market expected up 0.1%, which are two more reasons the Fed is likely to raise interest rates again.

The Atlanta Fed's GDP model is now indicating the US economy grew at 5.4% annualized pace in the third quarter. That is way too hot for the Federal Reserve targets and another reason to raise interest rates.

This morning, China’s third quarter GDP was reported to have grown 4.9% versus analysts' expectations of 4.4% increase. An expanding economy means more jobs and more consumption of everything, including US products like beef, pork, corn, soybean meal and oil.

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