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  US Economy and Credit Markets Week Ended January 16, 2015
Posted Under: Weekly Market Commentary
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The Treasury's 10-year yield fell to the lowest point since 2012 due to increasing fears over global deflation. On Wednesday, mortgage applications surged as a result of falling borrowing costs. Retail sales failed to meet expectations, declining by the most in almost a year and prompting some economist to lower spending and growth forecasts. On Thursday, the PPI Final December Demand report beat expectations on both a month-ago and year-ago basis. Claims for unemployment insurance benefits rose more than expected. The increase is in large part due to the dismissal of workers that were hired temporarily specifically for the holiday season. The University of Michigan preliminary consumer sentiment index exceeded expectations on Friday. Steady job gains and plunging gas prices were in part responsible for consumer confidence reaching the highest level in 11 years. Change in Major economic reports (and related consensus forecasts) for the upcoming holiday week include: Wednesday: January 16 MBA Mortgage Applications, December Housing Starts (1040k); Thursday: January 17 Initial Jobless Claims (300k); Friday: January Markit US Manufacturing PMI (54.0), December Existing Home Sales (5.07M), December Leading Index (0.40%).
Posted on Tuesday, January 20, 2015 @ 8:42 AM • Post Link Share: 
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