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Bob Carey
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  US Economy and Credit Markets Ended Jan. 13, 2017
Posted Under: Weekly Market Commentary

 
Treasury yields fell last week as solid economic data boosted investor confidence in the economy and further support for higher interest rates. Yields fell below 3% for the first time in two months on Monday after the British Prime Minister stated the U.K. would seek a clean break from the European Union. A 3.8% decline in oil prices also added to the Treasury market strength. Yields fell on Thursday after President-elect Donald Trump's press conference provided little new information about his economic-stimulus proposal. The lack of policy details have increased concerns that stimulus could potentially be smaller than anticipated. U.S. government bonds pulled back on Friday as data on producer prices and retail sales showed U.S. economic growth intact, increasing speculation that the Fed will increase interest rates by its March meeting. The Producer Price Index rose 0.3% in December and finished with the largest calendar year increase since 2012. Prices rose in nearly each category and were led by a 0.7% increase in food prices. Retail sales increased by 0.6% in December, falling slightly short of the 0.7% consensus estimate, on strong demand for motor vehicles. Major economic reports (and related consensus forecasts) for the shortened upcoming holiday week include: Tuesday: January Empire Manufacturing (8.0); Wednesday:  January 13th MBA Mortgage Applications, December CPI (0.3% MoM), December Industrial Production (0.6% MoM); Thursday: December Housing Starts (1200k), January 14th Initial Jobless Claims (252k), January Philadelphia Fed Business Outlook (15.1).
Posted on Tuesday, January 17, 2017 @ 8:24 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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