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Bob Carey
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  US Economy and Credit Markets Week Ended January 4, 2013
Posted Under: Weekly Market Commentary
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Bond yields were sharply higher this week as Washington finally took action limiting the massive tax hikes and spending cuts that were scheduled for implementation at the beginning of the year. Also weighing on Treasuries, Fed minutes from December indicated that some members think the bond purchase programs might conclude by the end of the year and payroll additions last month were strong, adding 155,000. In other economic news, the ISM Manufacturing Index increased to 50.7 in December, total vehicle sales in December were reported at a 15.3 million annual rate, in line with expectations and the unemployment rate for December came in at 7.8%, slightly higher than the estimate of 7.7%. November factory orders were flat against expectations of 0.4% growth. While issues surrounding the tax hikes have been settled, focus in the bond market will quickly turn towards negotiations around spending cuts and raising the debt ceiling in the coming months. Major economic reports (and related consensus forecasts) for the shortened holiday week next week include: Tuesday: November Consumer Credit ($11.5B); Thursday: November Wholesale Inventories (0.3%); Friday: December Import Price Index (0.1% MoM, -1.5% YoY), November Trade Balance (-$41.2B), December Monthly Budget Statement (-$21.3B).
Posted on Monday, January 7, 2013 @ 9:08 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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