Overview:

• Some US activity indicators have been clearly affected by recent hurricanes – the impact is likely to be transitory and the economy remains on track.
• The Administration and congressional Republicans took a step forward on tax cuts, consistent with a small fiscal stimulus, although it is not certain that it will be passed by Congress.
• Inflation is expected to trend back up towards the Fed’s 2% over target, leading to further fed funds rate increases, but risks are to the downside.

For further details please see the attached document

• US Economic Update: October 2017 (PDF, 121kb)