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Yesterday we have received the Philadelphia Fed’s manufacturing index reading, which had fell to 22.2 in October from 22.9 in September, while the forecast was for a reading of 19.7. According to Philly Fed, the index suggested a steady growth where the broad indicators reporting readings are all near the expected September numbers, and the firms remain optimistic while are also expecting higher capital spending in 2019. In addition, as Reuters reported, the St. Louis Fed President, James Bullard stated that most recent Fed’s interest rate increase has placed the monetary policy where it should be and no further hikes are seen as required in an economy where inflation remain weak. As previously written, policymakers are expecting rate hike again in December and a few times in 2019 before the central bank benchmark overnight lending rate reaches a restrictive level of around 3.40% in 2020, and there was a broad agreement according to the minutes from September policy meeting, on the con...

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