Business Performance - Loan book grew by 8% QoQ, outperforming the industry growth of 7.6%[8] - Total deposits increased by 15% QoQ and 40% YoY[8] - US$ deposits reached record levels, up 31% QoQ and 56% YoY[8] - Net fee income increased by 7% QoQ and 9% YTD[8] Profitability and Asset Quality - The company experienced a net loss of 50 billion in 3Q25 due to increased Cost of Risk (COR)[8] - Net Interest Margin (NIM) declined to 11%[8] - NPL ratio increased to 3.9%[8] - Net COR was 6.4% in 3Q25 and 5.2% YTD[8] Strategic Initiatives and Capital - CET1 ratio stood at 13.2% as of September 2025, increasing to 14.5% by October 2025[8, 18] - The company continued to evolve its SuperApp[8] - Cost reduction of 2% QoQ and 12% YTD was achieved[8] Macroeconomic Context - The Central Bank Market Expectations Survey as of October 2025 projected inflation of 30%, an Fx eop at 1,532, and GDP growth of 3.9% in 2025[15, 19]

Core Viewpoint - The discussion centers around Kevin Hasset being the leading candidate for the next Federal Reserve chair, with potential implications for Fed policy and market expectations [1][2][3]. Group 1: Candidate Analysis - Kevin Hasset is perceived as closely aligned with President Trump's views on Fed policy, which marks a significant shift from previous leadership [3][4]. - There is speculation that Bessant could also be a contender for the chair position, despite his current reluctance to take the job [2][7]. - The prediction markets have shown Hasset consistently at the top, indicating strong market sentiment regarding his potential appointment [4][5]. Group 2: Market Implications - If Hasset acts as a "shadow Fed chair," it could significantly influence market expectations regarding interest rates, particularly between January and April [6][7]. - Current odds for rate cuts after December have decreased to the low 30s, reflecting market skepticism about further rate reductions [6]. - The relationship between the future Fed chair and the President is expected to shape monetary policy and potentially lead to lower rates, which could boost equity markets [3][6]. Group 3: Political Dynamics - President Trump's comments suggest he is dissatisfied with current rates and is considering a change in leadership at the Fed [8][9]. - Trump is reportedly vetting four candidates for the Fed chair position, indicating a strategic approach to selecting a candidate who aligns with his economic vision [9][10]. - The ongoing "apprentice-like" contest for the Fed chair position highlights the political maneuvering involved in the selection process [5][10].

ACTUALLY JUST COME OUT AND TALK ABOUT THE MEANINGFUL ISSUES IN THE AMERICAN PEOPLE, RATHER THAN THE SHORT TERM VIEW OF THE NEXT MEETING. >> JOINING US RIGHT NOW TO TALK ABOUT THIS AND MAYBE WHO'S GOIN TO GET THE TOP JOB. PETER BOOCKVAR, CHIEF INVESTMENT OFFICER AT ONE POINT, BFG WEALTH PARTNERS AND A CNBC CONTRIBUTOR.PETER, GOOD MORNINTO YOU. WHAT DO YOU THINK OF THE IDEA THAT TOO MANY OF THE FOLKS WHO ARE GOVERNORS OF THE FED, OR THE PRESIDENTS OF DIFFERENT FEDERAL RESERVE BOARDS ARE CELEBRITIES. THEY SHOU ...

Demand for the sale of 30-year bonds was hit by concern over a potential sovereign rating downgrade and uncertainty over the outlook for interest rates https://t.co/VKwQuKyRLB ...

New Zealand’s central bank cut interest rates to a fresh three-year low and signaled the possibility of further easing to support a nascent economic recovery https://t.co/s6DHrmry2j ...

Economic Overview - The PPI report for September indicates that wholesale prices are rising less than expected, suggesting a potential cooling of inflation [1] - Consumer confidence has hit its lowest level since April, raising concerns about the labor market [1][11] - Retail sales numbers have softened, following a previous gain of 610 million [1][3] Inflation and Federal Reserve - The Atlanta Fed's growth estimate is at 4%, supported by strong consumer spending and capital expenditures [3][7] - Commodity prices are near a 52-week low, and energy prices are moderating, contributing to a positive inflation outlook [4] - The Fed is expected to respond to the improving inflation outlook and the current rates being above neutral [4][9] Labor Market Insights - The labor market has shown signs of weakness, with significant downward revisions in job numbers for 2023 [6] - Concerns exist regarding college graduates struggling to find jobs, attributed to a slowing job market and the impact of AI [11][13] - Small businesses continue to show high confidence levels, which are crucial for job creation [12] Capital Expenditures and Future Outlook - Capital spending has seen a 15% increase in the first half of the year, the best performance since 2011, which typically leads to hiring [13] - Optimism around the administration's policies on capital expensing is contributing to an investment boom [7] - A forecast suggests that the labor market will improve for new graduates by 2026 [14]

Morning. We finally got the PPI report for September. It showed wholesale prices rising less than expected.It's a sign that inflation may be cooling, but concerns are still brewing over the consumer. Confidence hitting its lowest level since April and elevated concerns about the jobs picture. We also got a softer retail sales number this morning.Where does that leave the Fed. Where does it leave the economy. Joining us now, Joe Levia.He is counselor to the Treasury Secretary. And Joe, it's great to have you ...

and stocks will still climb even higher. Ed Yardeni is the president of Yard Denny Research joins us now. It's good to see you.You don't shy away from controversial takes. Some might find this to be just that. Why do you think this market can go higher even if the Fed does little.>> Well, I think that if the Fed does cut rates, we'll have to watch what the bond market does because last year when the Fed cut the Fed funds rate by 100 basis points, the the bond yield went up by 100 basis points. Uh I think mu ...

Core Viewpoint - The appointment of Kevin Hassett as the potential next Federal Reserve chair is influencing market expectations for interest rate cuts, leading to a decline in Treasury yields, particularly the 10-year yield reaching 4% for the first time in a month [1][2]. Group 1: Market Reactions - Traders are increasing their bets on lower interest rates over the next year, anticipating that Hassett will implement aggressive reductions in borrowing costs as advocated by President Trump [2]. - The 10-year Treasury yield decreased by two basis points to 4%, marking the lowest level since the Fed's meeting in late October [2]. - Following the news of Hassett's potential appointment, the dollar fell to a session low before recovering some losses [4]. Group 2: Economic Context - The movement in Treasuries was prompted by data indicating labor-market weakness and a decline in oil prices [5]. - Federal Reserve Governor Stephen Miran supported the outlook for rate reductions, emphasizing the need for significant cuts in the US economy [5]. Group 3: Future Implications - The addition of Hassett to the Fed board would result in two voting members advocating for proactive rate cuts, increasing the likelihood of 50 basis point moves in the post-Powell era [6][7]. - Treasury Secretary Scott Bessent is overseeing the search for Powell's replacement, with an announcement expected by December 25, and five candidates in consideration [7].

I last wrote about the lumber market and its price action on Barchart on August 21, 2025, where I concluded with the following: The offseason for lumber demand is on the horizon. The potential for increased price variance due to the uncertainty created by U.S.-Canada trade relations remains high, and the path of least resistance of U.S. short-term interest rates is likely to be lower. Time will tell if longer-term rates follow any Fed Rate cuts over the coming months. Lumber remains a critical construction ...