September PCE rose 0.5% MoM and 3.6% YoY, matching forecasts; core PCE rose 0.3% MoM and 3.1% YoY. The print follows the Fed leaving rates unchanged yesterday. Dow futures are down about 0.4%, S&P 500 futures down 0.5% and Nasdaq futures down 1.3% as markets digest the data.

US weekly initial jobless claims held near a 57-year low as the labor market shows resilience. The Labor Department said seasonally adjusted initial claims fell 1,000 in the week ended Oct. 24 to 194,000, versus economists’ 199,000 estimate. Claims have mostly stayed below 200,000 since mid‑September and remain close to the July mid‑month trough of 189,000, the lowest reading since 1969. Economists say the market is characterized by low hiring and low layoffs; resilient domestic demand and strong corporate profits have kept layoffs near historic lows, though the U.S.-Israel war against Iran is making employers more cautious about expanding payrolls.

Deutsche Bank analysts say ECB President Lagarde will likely minimize comments on France. They expect a very high bar to activate the Transmission Protection Instrument (TPI) to calm eurozone sovereign spread volatility, but stress that using TPI to stabilize France would not contradict ECB rate hikes aimed at countering inflation.