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Bob Carey
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  US Economy and Credit Markets Ended June 23, 2017
Posted Under: Weekly Market Commentary
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The yield curve has flattened over the past four week period as short-term rates have risen along with the Federal Reserve's current tightening cycle but long-term rates have sagged as the market seemingly lacks conviction that economic expansion will support higher inflation and growth rates. Last week's existing home sales report trundled higher 1.1% and exceeded consensus expectations. Single-family homes drove the beat and median home sales prices were up as well. The supply continues to be constrained at just 4.2 months of inventory at the current sales pace, which, coupled with rising prices could represent difficulties towards further sales pace expansion. There was also a New Home Sales report released Friday for the previous month which easily exceeded consensus expectations as well. The strength in new and existing home sales is aided by the current low unemployment rate and any potential wage gains resulting from tighter labor markets would potentially aid continued sales price expansion. Major economic reports (related consensus forecasts; prior data) for the upcoming week include: Tuesday: June Consumer Confidence (116, -1.9); Wednesday: June 23 MBA Mortgage Applications; Thursday: Q1 QoQ GDP (1.2%, unch.), Q1 Personal Consumption (.6%, unch.), Q1 GDP Price Index (2.2%, unch.), Q1 Core PCE (2.1%, unch) and June 24 Initial Jobless Claims (240K, -1K); Friday:  May Personal Income (.1%, -.3%), June Chicago Purchasing Manager (58, -1.4) and June University of Michigan Sentiment (94.5, unch.).

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person.  By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code.  First Trust has no knowledge of and has not been provided any information regarding any investor.  Financial advisors must determine whether particular investments are appropriate for their clients.  First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.
Posted on Monday, June 26, 2017 @ 8:39 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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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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