The Federal Open Market Committee meeting largely confirmed the likelihood of another rate hike in December; nearly all meeting participants are in agreement. Members continue to expect that further gradual increases in the target range for the federal funds rate would be consistent with sustained expansion of economic activity, strong labour market conditions, and inflation.
The pace of economic growth in Canada slowed in the third quarter as business investment spending moved lower and the growth in household spending slowed. Real gross domestic product edged down 0.1% in September, following seven consecutive months of growth.
Oil prices steadied on expectations that OPEC and Russia would agree to some form of production cut next week, balancing pressure from swelling inventories. WTI crude prices have hit a high of $51.79.
President Donald Trump abruptly canceled his meeting with Vladimir Putin at the G-20 summit in Argentina, an hour after he told reporters he would probably meet with the Russian president. Trump blamed the cancellation on the failure of Russia to return ship and sailors seized from Ukraine.