From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 11/21/2025
U.S. stocks are higher Friday morning as volatility in the market continues. Investors appear to be focused on whether the Fed will cut rates in December or not. The CME FedWatch tool currently projects a 73% chance of a rate cut next month, up from below 40% yesterday. Fed official comments are mixed on whether to cut rates or not. After soaring to begin the day on Thursday, stocks plummeted mid-day and all three major averages finished sharply lower. All three major averages are on track to post losses of more than 2.4% this week.
Looking at economic data, the S&P Global U.S. Manufacturing PMI slipped to an initial reading of 51.9 in November, down from 52.5 in October and the lowest level in four months. The Services PMI edged higher to a reading of 55.0, up from 54.8 and the highest level in four months. The Composite PMI rose to 54.8, also a four-month high.
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