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Wall Street & White House Agenda

@ The White House

In the morning, the President will receive the Presidential Daily Briefing in the Oval Office. The President will then meet with senior advisors.

In the afternoon, the President will meet with NATO Secretary General Anders Fogh Rasmussen.

Later, the President will meet with Secretary of State Clinton in the Oval Office. In the evening, the President will attend a campaign event at a private residence.

@ Wall Street

U.S. data continue to show modest but positive growth, but attention remains focused on the other side of the Atlantic. Risks of a Eurozone break-up jumped after Greek Prime Minister Papandreou decided to hold a referendum on the latest sovereign debt agreement, and even though he has now changed his mind, the Greek situation remains volatile, with the survival of his government still in the balance. At least the new ECB head Draghi showed an appreciation of recession risks by cutting interest rates at his first meeting. 

Domestically, there was little excitement surrounding the Fed's meeting, although  Chairman Bernanke did indicate that renewed asset purchases (specifically of mortgage-backed securities) are a viable option if growth fails to improve. The October employment report showed the economy still adding jobs, but not at a pace that would bring unemployment down on a sustained basis, even though there was a welcome tick down in the unemployment rate last month.

The upcoming week will be light on economic reports.  We highlight two. The Trade Balance report (Thursday) should show the trade deficit widening in September.  And we expect the Michigan Consumer Sentiment Index (Friday) to edge up in early November, with respondents saying that the economy is doing better than they thought a month ago.