Monday Morning Meeting Notes (10/24/2022)

General Info:

• The IRS announced increased contribution limits for retirement plans in 2023
• For 401(k), 403(b), and most 457 plans, the limit will increase from $20,500 to $22,500
• For IRAs and Roth IRAs, the limit will increase from $6,000 to $6,500
• In addition, the IRS announced that the dollar thresholds for tax brackets will jump by 7% in 2023; e.g., the 37% tax bracket will apply to individuals earning $578,125 (up from $539,900 this year)
• In a busy week for the IRS, it was also announced that the 2023 standard tax deduction will increase to $27,700 for married filing jointly and $13,850 for single filers
• U.K. Prime Minister Liz Truss resigned after 45 days in office, becoming the shortest-serving prime minister in U.K. history
• Fun Fact: Most people are aware that Beethoven was deaf. However, the musician figured out a way to “hear” even after losing the ability to hear sounds. If Beethoven bit into a metal pole that he connected to his piano, then he could hear through a process called bone conduction

Monday 10/24:

• S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K., France, and Germany
• S&P Global Services PMI data for the U.S., Eurozone, U.K., France, and Germany

Tuesday 10/25:

• Microsoft, Alphabet, Visa, Coca Cola, UPS, GM, and 3M report earnings
• U.S. Conference Board consumer confidence for October
• Germany IFO business climate index

Wednesday 10/26:

• Meta Platforms, Bristol-Myers Squibb, Align Technology, Boeing, Ford, ServiceNow, O’Reilly Automotive, and KLA Corp report earnings
• U.S. mortgage applications and new home sales data
• U.S. wholesale inventories
• Bank of Canada monetary policy decision

Thursday 10/27:

• Apple, Amazon, Caterpillar, Mastercard, Comcast, and American Tower Corp report earnings
• European Central Bank (ECB) monetary policy decision is expected to show a 0.75% rate hike
• U.S. Q3 2022 GDP, which is expected to show 2.3% annualized growth quarter-over-quarter
• U.S. durable goods orders
• U.S. initial jobless claims and continuing claims data
• South Korea Q3 2022 GDP

Friday 10/28:

• AbbVie, Chevron, NextEra Energy, and Church & Dwight report earnings
• Bank of Japan (BOJ) monetary policy decision
• Q3 2022 GDP data for France, Germany, Spain, Taiwan, and Canada
• Eurozone economic confidence and consumer confidence data
• U.S. personal income and spending data
• U.S. Personal Consumption Expenditure (PCE) inflation for September
• Headline PCE is expected to have risen 0.3% month-over-month and 6.3% year-over-year
• Core PCE, which excludes volatile food and energy prices, is expected to have risen 0.5% month-over-month and 5.2% year-over-year
• U.S. University of Michigan consumer sentiment index
• Norway’s sovereign wealth fund presents its third-quarter results via a live-streamed news conference