MSD Weekly Market Update: Week Ending October 24, 2025
With the ongoing federal government shutdown, the economic data flow remains both lighter and more second-tier in nature, and the sparse data has generally led to both lower market volumes and volatility. A Philadelphia Fed-region services industry report was decidedly weak, but was offset by a somewhat improved Existing Home Sales report that posted the biggest gain since February. In some ways, the rates market marked time this past week until the eagerly-awaited Consumer Price Index (CPI) report was released just before this Weekly Update goes to press. This CPI report was a special release, as it was needed to ensure that the Social Security Administration could meet its deadline for calculating cost-of-living adjustments. The report will likely be dissected for accuracy, and, unless well-above expectations, is not expected to dissuade the Fed from a likely rate cut at the upcoming week’s FOMC meeting. The upcoming week offers a plethora of diverse data, although many of the reports are likely to be delayed.

































