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Bob Carey
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  US Economy and Credit Markets Ended March 24, 2017
Posted Under: Market Commentary Video

Treasury prices rose to start the week following the previous week when the Federal Reserve did not signal a faster-than-expected pace of interest-rate hikes and maintained its expectations for inflation around its 2% annual target. On Tuesday, Treasuries rose for a third straight day as it appeared House Republicans would have difficulty passing a new health-care bill. The question over health-care policy raised doubts concerning President Trump's ability to implement business-friendly fiscal policies such as corporate tax cuts and higher infrastructure spending, expectations that have increased government bond yields since the election. These doubts caused investors to sell risky assets and buy government bonds. Treasuries rose again on Wednesday for a fourth straight day, extending the rally in government bonds. Moreover, the yield on the 10-year Treasury note relative to the 2-year note fell to near its lowest level since the election, signaling lower expectations of inflation and economic growth. The four-day streak ended on Thursday as Treasuries fell. On Friday, Treasuries rose as it became apparent that the health-care bill would not pass. This ended a week marked by increased demand for government bonds and heightened uncertainty over pro-growth policies. Meanwhile, orders for durable goods increased 1.7% in February over the prior month, topping expectations. Major economic reports (and related consensus forecasts) for the upcoming week include Tuesday: February Prelim. Wholesale Inventories (0.2% MoM), March Conference Board Consumer Confidence (114); Wednesday: March 24 MBA Mortgage Applications; Thursday: March 25 Initial Jobless Claims (245,000), Third 4Q GDP Annualized (2% QoQ); Friday: Final March University of Michigan Sentiment (97.6), February Personal Income (0.4%), February Personal Spending (0.2%), March Chicago Purchasing Manager (56.8).
Posted on Monday, March 27, 2017 @ 8:17 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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