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Bob Carey
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  US Economy and Credit Markets Ended Nov. 18, 2016
Posted Under: Weekly Market Commentary

Treasury yields rose last week on encouraging economic data and expectations that Trump's economic policies will lead to economic growth, higher inflation, and a quicker pace of interest rate hikes by the Federal Reserve. Retail sales beat consensus expectations on Monday, as auto and gas station sales led the way. Despite the two largest gainers being volatile components, gains were broad-based outside those sectors as well. The bond market strengthened on Wednesday as lackluster economic data eased the selling pressure that overtook the market since the presidential election last week. Industrial production was unchanged in October, coming in below the consensus expected increase of 0.2%. Weather patterns were unusually mild for October causing utility output to decline. Outside of utilities, however, production growth was healthy. Yields rose on Thursday after U.S reports showed housing starts for October soared by 26%, the largest pace since August 2007. The gain fully offset a large unexpected drop in September, with the two month average being more in line with the underlying trend. Consumer prices surged in October after healthy increases in both August and September, with energy prices leading the way. Major economic reports (and related consensus forecasts) for the upcoming shortened holiday week include: Tuesday: October Existing House Sales (5.43 M); Wednesday: November 18th MBA Mortgage Applications, October Durable Goods Orders (1.1%), November 19th Initial Jobless Claims (248k), November Markit US Manufacturing PMI (53.4), October New Home Sales (590k), November University of Michigan Sentiment (91.6); Friday: October Wholesale Inventories (0.2% MoM).

Posted on Monday, November 21, 2016 @ 8:03 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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