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Bob Carey
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  US Economy and Credit Markets Ended Oct. 14, 2016
Posted Under: Weekly Market Commentary
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Treasury prices dropped slightly over the course of the week on a more hawkish tone from the Federal Reserve and mixed economic reports from China. After a bond market holiday on Monday that saw the equity markets rise, Treasuries dropped slightly on Tuesday as all asset classes sold off with a plunge in the equity markets. Analysts attributed the drop to significant deleveraging of risk-parity funds. Treasury prices remained flat on Wednesday as the Fed released the minutes from its September meeting. The minutes revealed that three officials voted to raise interest rates and showed that there were worries about stagnant inflation and if the economy was at full employment. The tone suggested that there would still likely be one rate hike this year but the pace of further hikes would be slow. On Thursday, poor trade data from China led investors to flee equities and seek the perceived safety of government debt, causing Treasury prices to rebound. However, Treasury prices retreated again on Friday as price indexes from China suggested the country may be emerging from deflation. Major economic reports (and related consensus forecasts) for the upcoming week include: Monday: October Empire Manufacturing (1.00), September Industrial Production (0.2% MoM); Tuesday: September CPI (0.3% MoM, 1.5% YoY); Wednesday: October 14 MBA Mortgage Applications, September Housing Starts (1.174M); Friday: October 15 Initial Jobless Claims (250,000), September Existing Home Sales (5.35M, 0.4% MoM), September Leading Index (0.2%).
Posted on Monday, October 17, 2016 @ 8:58 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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