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Markets had a shortened trading week due to the Thanksgiving holiday, but several key economic reports provided insight into inflation trends, consumer behavior, and business activity.

This week’s economic data releases offered a broad update on labor-market momentum, inflation pressures, and business-sector activity, particularly important because several reports were delayed during the recent government shutdown.

This week’s economic data offered a multifaceted view of market sentiment as investors weighed inflation risks, interest rate expectations, and energy supply dynamics. With the Federal Reserve maintaining a cautious stance, attention turned to Treasury auctions and oil inventories for signals on how financial and commodity markets are responding to evolving macroeconomic conditions.

Markets absorbed a week of mixed signals, with strength in headline data masking underlying fragility and inflation trends complicating the path forward.

U.S. consumer confidence fell modestly in October, with The Conference Board’s headline index easing to 94.6 from a revised 95.6 in September. The decline reflected weaker expectations for business, income, and employment over the next six months, while consumers’ assessment of current conditions improved slightly.