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The Fed, earnings, jobs and China: How we think about this week's deluge of data

Published Fri, Nov 4 20224:23 PM EDT

Zev Fima @zevfima

All the major averages closed lower for the week as investors digested another batch of earnings, the Federal Reserve turned hawkish after another rate hike, and new data shows the job market remains stubbornly resilient. While the rate hike was expected, some of the more overly optimistic investors had been hoping for a more dovish tone from the Fed. The statement released by the central bank did provide some hope for a pivot in the near future, but Jerome Powell's press conference on Wednesday quickly put that notion to bed, with the Fed chair saying "it is very premature to be thinking about pausing." He added: "People when they hear 'lags' think about a pause. It is very premature, in my view, to think about or be talking about pausing our rate hikes. We have a ways to go." Friday's nonfarm payroll report may drive home Powell's point as we added more jobs than expected in October, though the unemployment rate did tick higher — a positive from the Fed's perspective. We also got a bit of a market rebound on Friday following news that China could finally be ready to allow the us