Resilient, Stubborn Or Stagflationary?

US services sector activity was healthy in September, according to top-tier data released on Wednesday. At this point, "resilient" is synonymous with "stubborn," or at least in the minds of market participants anxious for evidence to support a policy pivot narrative that helped "inform" the largest two-day surge for US stocks in years. ISM services printed 56.7 for September (figure below), ahead of estimates and near the high-end of the range. Five-dozen economists offered guesses ranging fro

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