Morning Note | Oct 21, 2022

Good Morning!

Futures are mixed following yesterday's risk off day.  The market now expects a terminal rate of 5.02% and delayed its expected Fed pivot from March to May 2023.  Fedspeak continues to lean hawkish (e.g. “lack of progress” on inflation from Harker) while macro data shows the economy still running hot (e.g. higher Building Permits, lower Cla…