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Bob Carey
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  US Economy and Credit Markets Ended Jan. 26, 2018
Posted Under: Weekly Market Commentary

Last Tuesday, President Donald Trump signed legislation to end the government shutdown. The three-week funding agreement allows time for continued talks surrounding key topics such as immigration. As expected, the Bank of Japan maintained its target rate around zero as inflation remains sluggish. The European Central Bank also left monetary policy unchanged and plans to leave rates untouched past the end of the asset-purchase program, which is expected to end in September. On Friday, yields rose despite fourth quarter GDP being reported at 2.6%, below the consensus estimate of 3.0%. December Existing Home Sales declined 3.6% to a 5.57 million annual rate, 13,000 below consensus estimates. Sales fell in all major regions in December, yet are still up 1.1% versus a year ago and recorded their best year since 2006. December Durable Goods increased 2.9%, well above expectations, largely due to surging aircraft orders. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: January 29 Personal Income (0.3%, 0.3%), Personal Spending (0.4%, 0.6%); Tuesday: January 30 Conf. Board Consumer Confidence (123.0, 122.1); Wednesday: January 31 MBA Mortgage Applications (N/A, 4.5%), ADP Employment Change (180k, 250k), Chicago Purchasing Manager (64.0, 67.6), FOMC Rate Decision (Upper Bound) (1.50%, 1.50%); Thursday: February 1 Initial Jobless Claims (235k, 233k), Markit US Manufacturing PMI (55.5, 55.5), Construction Spending MoM (0.3%, 0.8%), ISM Manufacturing (58.6, 59.7); Friday: February 2 Change in Nonfarm Payrolls (180k, 148k), Unemployment Rate (4.1%, 4.1%), Factory Orders (1.4%, 1.3%), U. of Mich. Sentiment (95.0, 94.4), Durable Goods Orders (N/A, 2.9%).
Posted on Monday, January 29, 2018 @ 7:53 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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