Thanksgiving

We wish all of our readers a happy Thanksgiving. The next Morning Briefing will be sent on Monday, November 26. (1) Thank you. (2) An abundance of earnings. (3) Tax cut, revenues, and repatriated earnings all boosting earnings this year. (4) Q3 profit margins at record highs across the board, implying solid productivity gains offsetting rising costs. (5) Still not expecting price inflation to jump, but on the lookout. (6) ECI-based measure of unit labor costs remains remarkably subdued. (7) Strong dollar keeping a lid on import price inflation. (8) In the CPI, rent inflation is looking toppy, while medical care inflation remains below 2.0%. (9) Fed Governor Brainard discusses AI.