The Purchasing Managers’ Index for the euro area shows that while manufacturing output continued to improve, services sector activity weakened further in October. This uneven impact is also evident across euro area countries, with those countries particularly dependent on tourism and travel affected the most.
In my remarks this evening, I will review the current economic situation and outlook and make some specific observations about recent developments in financial markets. I should note that the views I will express here are my own and not necessarily those of my colleagues on the Federal Open Market Committee (FOMC).