Welcome to Markets Desk, your midday read on what's moving markets and money.
The Federal Reserve held its benchmark rate steady at three point seven five to four percent at its October meeting, offering no relief to borrowers already straining under elevated mortgage, auto, and credit card costs. With inflation still sticky, markets are pricing in no meaningful cuts on the near horizon, keeping pressure squarely on household balance sheets heading into the election.
Turning to earnings, Caterpillar posted third quarter sales and revenues of twenty point seven billion dollars, a seventeen percent jump from the same period last year. The industrial giant credited higher sales volumes and favorable pricing, a signal that infrastructure and construction demand remains resilient even in a tighter credit environment. It's the kind of print that gives cyclical bulls something to hold onto.
And on the fast food front, Restaurant Brands International reported third quarter system-wide sales growth of six point two percent, with international markets leading the charge at nine percent. Burger King US delivered comparable sales growth of eight point four percent, a notably strong number that suggests the brand's turnaround investment is starting to find traction with consumers.
That's the tape. Markets Desk, signing off the floor.
