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  US Economy and Credit Markets Week Ended April 18, 2014
Posted Under: Weekly Market Commentary
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Following market turmoil the past few weeks, which had caused Treasuries to rally strongly, government debt traded lower throughout the holiday shortened week as better than expected economic data brought risk appetite back and pushed yields up. On Monday, Treasuries slumped when much anticipated retail numbers were stronger than forecast. U.S. Retail Sales rose 1.1% in March, the biggest increase since September 2012. On Tuesday, April Empire Manufacturing missed expectations and the index dropped to 1.29, against expectations for a reading of 8, while the March CPI was reported to have increased by .2% MoM. In the geopolitical arena, Ukraine embarked on military operations to oust pro-Russian protestors, further spurring demand for safer assets. Midweek economic reports showed that Housing starts in March were only 946k, missing expectations, while Industrial Production grew .7% MoM ahead of expectations. Federal Reserve President Janet Yellen, speaking at the Economic Club of New York, also reiterated the central banks continuing commitment to supporting a full recovery, causing Treasuries to drop. On Thursday, government debt took a big dive and yields jumped when talks in Geneva between Russian and Ukrainian leaders yielded concrete plans to deescalate tensions. Jobless Claims in the US also dropped more than expected, underscoring an improving employment picture and also contributing to Treasuries' drop. Major economic reports (and related consensus forecasts) for the upcoming week include: Monday: March Leading Index (+.7%); Tuesday: March Existing Home Sales (-1.1% MoM/4.55M); Wednesday: March New Home Sales (+2.3% MoM/450k); Thursday: March Durable Goods Orders (+2%) and Capital Goods Orders Nondefense Ex Air (+1.3%); Friday: April Univ. of Michigan Confidence (83.0).

Posted on Monday, April 21, 2014 @ 8:29 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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