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Bob Carey
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  US Economy and Credit Markets Ended September 28, 2018
Posted Under: Weekly Market Commentary

 
U.S. Treasury bond prices pushed lower at the beginning of the week, as investors waited for the Federal Open Market Committee's fed-funds rate decision. Two and 10-year U.S. Treasury yields declined in the wake of the Federal Open Market Committee's decision to raise the fed-funds rate by a quarter of a percent, which was anticipated by the market. The particularly noteworthy change in Federal Reserve Chair Jerome Powell's statement was the removal of a sentence noting the stance of monetary policy as "accommodative" and supportive of both the labor market and the Fed's two percent inflation target.  Fed Chair Jerome Powell made it clear in his press conference that the language removal doesn't change their outlook for continued gradual rate hikes. With inflation running at or over two percent, the market has already priced in another rate hike in December. The week wrapped up with Treasury prices continuing to rally as global equity markets were largely down after the Italian government's poorly received budget targets were released late on Thursday. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Monday: September Final Markit US Manufacturing PMI (N/A, 55.6), August Construction Spending MoM (0.5%, 0.1%), September ISM Manufacturing (60.0, 61.3); Wednesday: September 28 MBA Mortgage Applications (N/A, 2.9%), September ADP Employment Change (185k, 163k); Thursday: September 29 Initial Jobless Claims (211k, 214k), August Factory Orders (1.9%, -0.8%), August Final Durable Goods Orders (N/A, 4.5%); Friday: August Trade Balance (-$52.4b, -$50.1b), September Change in Nonfarm Payrolls (185k, 204k), September Unemployment Rate (3.8%, 3.9%).
Posted on Monday, October 1, 2018 @ 8:40 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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