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Bob Carey
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  US Economy and Credit Markets Ended August 25, 2017
Posted Under: Weekly Market Commentary

Treasuries seesawed throughout the week as investors reacted to geopolitical concerns and indications of changes to fiscal and monetary policy. Treasury yields rose as the White House and Congress made progress on tax reform. Tuesday, President Trump threatened a government shutdown at a rally in Phoenix if he doesn't get funding for the Mexico border wall, sending yields lower. His comments were in stark contrast to promises made by Senate Majority leader Mitch McConnell; highlighting the disconnect between the President and Congress and rattling markets. The new fiscal year begins October 1 therefore, Congress must authorize legislation in September to avoid a government shutdown. The most recent estimates indicate the federal debt ceiling will be reached September 29. Treasury Secretary Steven Mnuchin attempted to allay fears that the debt ceiling will be reached before Congress raises the borrowing limit; stating "the government intends to pay its debts and the debt ceiling will be raised". Last week ended with the annual central banker economic symposium in Jackson Hole, Wyoming. Fed Chair Janet Yellen's remarks focused on regulation and she did not mention the Fed's monetary policy tightening plan. A growing number are of the opinion that this will be Ms. Yellen's last appearance at the annual symposium as the Fed Chair. Yields were modestly affected by her speech. Major economic reports (related consensus forecasts; prior data) for the upcoming week include: Monday: July Wholesale Inventories MoM (0.3%, 0.7%); Tuesday: August Consumer Confidence (120.7, 121.1); Wednesday: GDP Annualized QoQ (2.7%, 2.6%), Personal Consumption (3.0%, 2.8%); Thursday: July Personal Spending (0.4%, 0.1%), August Chicago Purchasing Manager (59.2, 58.9); Friday: ISM Prices Paid (63, 62).
Posted on Monday, August 28, 2017 @ 9:05 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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