From the Desk - Economic Commentary
Scott Goedken, Institutional Strategies Director - 10/22/2026
Initial jobless claims fell to 194,000 for the week ended October 17, below expectations of 200,000 and down from the prior week's revised reading of 200,000. Continuing claims increased to 1.728 million from 1.703 million. Employers continue to hold on to workers even as hiring remains weak, a dynamic that has characterized much of the labor market this year.
Treasury yields are lower across the curve this morning and are trading near one-month lows. Markets continue to assign a high probability that the FOMC leaves rates unchanged next week, though expectations for an additional rate increase later this year remain elevated.
U.S. equities opened lower, with technology shares leading the decline following mixed earnings results and renewed questions surrounding the pace of returns on AI-related investments. Higher oil prices and ongoing tensions in the Middle East are also contributing to inflation concerns ahead of next week's Federal Reserve meeting.
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