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Bob Carey
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  US Economy and Credit Markets Ended June 24, 2016
Posted Under: Weekly Market Commentary
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Treasury yields fell to record lows last week as the U.K. unexpectedly ruled in favor of leaving the European Union. Yields finished higher on Monday stalling record-shattering declines in bond yields which had sent the German 10-year bond below zero for the first time on record. U.S government bonds pulled back on Tuesday after a five-year note auction drew relatively poor demand. Sales of previously owned homes rose to the highest level in over nine years in May. Housing demand continues to show signs of improvement as a firm labor market, rising wages and low interest rates have helped support growth in residential real estate. Initial jobless claims fell last week, indicating a strengthening labor market despite a recent deceleration in the pace of hiring. Investors piled into U.S government debt on Friday sending yields to record lows, as the U.K. referendum voted in favor of leaving the European Union. Orders for U.S. capital goods dropped unexpectedly in May by the most in three months, illustrating the weakness in investment even before the U.K. decision to leave the European Union damaged confidence. The decline was primarily due to military aircraft and motor vehicles. Major economic reports (and related consensus forecasts) for the upcoming week include: Tuesday: First Quarter GDP Annualized (1.0% QoQ), June Consumer Confidence Index (93.1); Wednesday: June 24th MBA Mortgage Applications, May Personal Income (0.3%), May Personal Spending (0.3%); Thursday: June 25th Initial Jobless Claims, June Chicago Purchasing Manager (50.8); Friday: June Markit US Manufacturing PMI, June ISM Manufacturing (51.4).
Posted on Monday, June 27, 2016 @ 8:04 AM • Post Link Share: 
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