- starts with U.S. sanctions on Iran
The United States reimposed sanctions on Iran’s energy, finance, and shipping sectors on Monday, Nov. 5.
These sanctions are the second batch the U.S. administration reinstated since President Donald Trump unilaterally pulled out of the nuclear deal in May despite objections from close allies in Europe.
More than 700 individuals, entities, vessels, and aircraft are on the new sanctions list, including major banks, oil exporters and shipping companies. This brings to more than 900 the number of Iran-related targets sanctioned under this Administration in less than two years, marking the highest-ever level of U.S. economic pressure on Iran.
Seeking to 'alter' Iranian behavior with the sanctions, Washington has put out 12 demands it wants to see Iran agree to in exchange for re-lifting the economic penalties.
The U.S., however, granted temporary waivers to eight countries that have significantly curtailed their imports of Iranian oil until March 2019.
-The Fed is expected to keep rates stable
Another important agenda item in the economic calendar of the week is the November meeting of the Federal Reserve. No rate hike is expected from the two-day meeting that will end on Thursday.
On the other hand, the positive inflation and employment data announced last week supposedly provided the green light to a rate hike in the December meeting.
The employment report released on Friday showed that non-farm payrolls increased by 250K in October while the unemployment rate remained stable at 3.7 percent, the lowest level in 49 years
The average hourly wage increase reached 3.1 percent annually, marking the highest level in the last nine years.
-Mid-term elections
A nationwide vote on Tuesday, Nov. 6 will see Americans going to the polls to vote on all 435 seats in the House, 35 of the 100 Senate seats and dozens of state governors. The elections, however, are seen as a referendum of Trump’s ability to govern for his remaining two years given that the control of the two houses of Congress is up for grabs between the Republicans and the Democrats.