The central bank is widely expected to deliver a fourth straight 75-basis point rate hike next month as it fights sky-high inflation. Neel Kashkari, Minneapolis Federal Reserve President, said that the Federal Reserve might need to push its benchmark policy rate above 4.75% if underlying inflation does not stop rising.
Like the second quarter, investors had been anticipating an earnings apocalypse, but of the thirty-five companies that have reported third-quarter earnings as of October 17, 68.5% have beaten estimates, higher than the historical average of 66.2%, according to Refinitiv. Investors seem to be hopeful about the rest of the companies that are yet to report their quarterly earnings.
