prices for gas, shelter, food, cars, trucks, those were some of the sharpest monthly gains. it is the fed s job to fight inflation. and this week that job could get tougher. the central bank has started reducing its emergency covid support, cutting bond purchases by $15 billion a month. this week fed chief jerome powell is widely expected to accelerate that pass. powell could also hint at more aggressive interest rate hikes next year. now stocks have bounced back strongly as fears about the omicron variant fade, but investors will be listening carefully to the fed s tone this week. in new york, i m christine romans. before the bell is brought to you by e-trade. trade commission-free today with no account minimums. and go to cnn.com/beforethebell to stay on top of markets and sign up for the daily newsletter. plus, zero-dollar commissions for online u.s. listed stocks. [ding]
[ding] what will wall street be watching for this week? here s cnn s christine romans with your before the bell report. the job market roared back in october and the end of summer wasn t as bad as initially reported. can that continue? economists expect the jobless rate will drop to 4.5%, a new low for this recovery. if we get 550,000 new jobs in november as expected, it will mark the second straight month that half a million positions have been added back. if that continues for a few more months, analysts say we will recover. wage growth has been strong, but
$15 billion a month. but even as it dials back support, the fed is closely watching the labor market. last month the economy added just 194,000 jobs, well short of expectations. on friday the october numbers are due. economists forecast 385,000 jobs added and a jobless rate of 4.8%. another big miss, like the last couple of months, could underscore how fragile this economic recovery remains. announcer: before the bell is brought to you by e-trade. 24/7 support when you need it the most. plus, zero-dollar commissions for online u.s. listed stocks. [ding] get e trade and start trading today. never settle with power e trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers,
american ought to be able to do when they welcome a new child into their family. so, pretty clear there from buttigieg that family leave is still part of the build back better plan. president biden, the question is whether it actually stays in after all the negotiating is over up on capitol hill. jim? all right, joe johns. and we re obviously happy for the couple there as well taking that time out with their family. all right, joe johns, appreciate that report. in the high-stakes race for the next virginia governor. today former georgia gubernatorial candidate stacey abrams joined mcauliffe on the trail speaking at a grassroots event in fairfax, virginia, just outside washington d.c. that just happened a few moments ago. terry mcauliffe, talk about bringing out the big guns. you could argue that they don t get much bigger than stacey
report. hi, jim. wow, you re paying more for everything and that sticker shock won t be easing any time soon. consumer prices rose 5.4% in september from a year ago. that s actually a 13-year high. food, rent, and energy costs all surged. inflation is the watch word, especially for wall street as a flood of companies deliver their quarterly results. johnson & johnson, proctor & gamble and tesla are among the big names reporting this week. the threat of persistent inflation also raises the stakes for the federal reserve. the central bank is expecting to begin reducing its emergency covid support as soon as next month. the first hike in interest rates likely comes next year as the fed tries to keep inflation from spiraling. in new york, i m julia