Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
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IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
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Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
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Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
Federal purchases are expected to witness a rebound amid restrictions in the discretionary outlay growth. Discretionary outlays have seen a boost as a result of last year’s budget deal, but this increase remains modest relative to the growth in mandatory spending, Wells Fargo Securities reported.
Despite real government purchases increasing at an annualized 1.2 pct in the first quarter of the current fiscal, state and local governments seem to have contributed entirely for this rise.
The Federal component witnessed the sharpest decline since Q4 2014 by around 1.6 pct. However, some rebound in the next quarter is expected to be seen in the area of national defense spending, which declined 3.6 pct on an annualized basis.
New defense orders surged by nearly 50 pct in March, which is expected to cause procurement outlays to jump in the coming months. In addition, transportation spending has been a leader among discretionary categories, rising 3.6 pct fiscal-year-to date, the report said.
"Our outlook for federal purchases remains modest, as long-term structural budget challenges, primarily rising costs associated with entitlement programs and interest expenses, restrain discretionary outlay growth," Wells Fargo Securities commented in research note.
