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Bob Carey
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  US Economy and Credit Markets Ended November 2, 2018
Posted Under: Weekly Market Commentary

 
Treasury yields climbed throughout the week on the back of strong economic data and equities attempting to rebound after selling off throughout most of October. On Tuesday, 10-year and 30-year Treasury note yields rose 2.8 basis points and 3.0 basis points, respectively, as President Trump comments regarding striking a trade deal with China led investors away from haven investments, such as US government paper. Treasury yields climbed further on Wednesday as Automatic Data Processing reported that 227,000 jobs were added to the private-sector in October, beating consensus expectations. ADP's report also stated salaries for the private-sector grew at their fastest pace since 2008. The 30-year Treasury note yield reached its highest in four years as Treasury yields increased on Friday to close out the week. The rise in Treasury yields on Friday was a reaction, in part, to a strong October jobs report. Nonfarm payrolls rose 250,000 in October, easily beating the consensus expectation of 200,000. The gains in October were widespread, with no major sector showing a decline. Average hourly wages rose 0.2% in October pushing the 12-month pace to 3.1%, its highest 12-month pace since 2009. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Monday: October ISM Non-Manufacturing Index (59.1, 61.6); Wednesday: November 2 MBA Mortgage Applications (N/A, -2.5%); Thursday: November 3 Initial Jobless Claims (214k, 214k), November 8 FOMC Rate Decision (Upper Bound) (2.25%, 2.25%); Friday: October PPI Final Demand MoM (0.2%, 0.2%), October PPI Final Demand YoY (2.5%, 2.6%), September Final Wholesale Inventories MoM (0.3%, 0.3%), November Preliminary U. of Michigan Sentiment (97.9, 98.6).
Posted on Monday, November 5, 2018 @ 8:01 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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