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

U.S. Treasury markets rallied last week, with investors flocking to safe haven assets as concerns mounted over the make-up of the new Italian government, the sudden plunge in oil prices, and the resurgence of animosity between Washington, DC and Pyongyang. Yield on the U.S. 30-year Treasury fell 11.8 basis points to 3.10%, which was the largest weekly drop since July 2016. President Donald Trump cancelled the June 12th meeting with North Korean dictator Kim Jong Un on Thursday last week amid increasing tensions and hostilities from the rogue nation, but quickly reversed course in a Friday morning tweet revealing a renewed sense of hope that a meeting would take place in the near future.  Existing home sales declined 2.5% in April, down 1.4% from a year ago, as a lack of available listings weighed on activity. The report indicated that available units are at the lowest level for April since records began in 1999. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Tuesday: May Conf. Board Consumer Confidence (128.0, 128.7); Wednesday: May 25 MBA Mortgage Applications (N/A, -2.6%), May ADP Employment Change (185k, 204k), 1Q S GDP Annualized QoQ (2.3%, 2.3%), April Preliminary Wholesale Inventories MoM (N/A, 0.3%); Thursday: May 26 Initial Jobless Claims (230k, 234k), April Personal Income (0.3%, 0.3%), April Personal Spending (0.4%, 0.4%), May Chicago Purchasing Manager (58.0, 57.6); Friday: May Change in Nonfarm Payrolls (190k, 164k), May Unemployment Rate (3.9%, 3.9%), May Final Markit US Manufacturing PMI (N/A, 56.6), May ISM Manufacturing (58.0, 57.3), April Construction Spending MoM (0.8%, -1.7%).
Posted on Tuesday, May 29, 2018 @ 8:03 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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