📆The Week Ahead 09/10/22

• The S&P finished this last week down 2.8% on Friday this on the back of a strong rally that kicked off Q4, with the SPX climbing above 3800, before giving up most of the week's gains on the back of the NFP data release which came slightly above expectations, and notably the unemployment rate dropped from 3.7% to 3.5%.

• Equity markets these past few weeks have had a rough stretch with 3 consecutive down weeks, although this last week presented a significant bounce at the start of Q4. The rally had stalled by midweek and the NFP data release rolled markets over, with the SPX barely finishing the week up 1.51%.

• Attention this week lies mainly on the CPI data print this Thursday, with this being another crucial data point release thanks to the Fed's fight against inflation, after this last week's NFP numbers markets will await these numbers in order to continue to assess a potential slowdown or halting of rate hikes by the Fed. Markets are currently pricing in an 81% chance of a 75bp hike in their next meeting, with this number bound to change after this week's CPI release. The median estimate for the CPI release stands at 8.1%, with last month's CPI print coming in at 8.3%.