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Bob Carey
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  US Economy and Credit Markets Ended June 8, 2018
Posted Under: Weekly Market Commentary

Yields moved higher last week across the yield curve ahead of what is expected to be a busy week this week. In economic data, the Institute for Supply Management announced on Tuesday that its non-manufacturing index rose to 58.6 in May from 56.8 in April, which beat expectations and indicates the non-manufacturing sector is growing at a faster rate. The Supplier Deliveries Index, which measures how fast businesses receive deliveries, indicated that deliveries were slower in May for the 29th consecutive month. Slower deliveries indicate strong demand and an improving economy however slow rail service and a shortage of truck drivers also contributed to the slowdown. The Federal Open Market Committee meets on Tuesday and Wednesday of this week and is widely expected to raise interest rates for the second time this year. The Fed last raised rates in March when the unemployment rate was 4.1%. The unemployment rate has improved since then, falling to 3.9% and 3.8% in April and May, respectively. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Tuesday: May CPI MoM (0.2%, 0.2%); Wednesday: June 13 FOMC Rate Decision – Upper Bound (2.00%, 1.75%), June 8 MBA Mortgage Applications (N/A, 4.1%), May PPI Final Demand MoM ( 0.3%, 0.1%); Thursday: June 9 Initial Jobless Claims (222k, 222k), May Retails Sales Advance MoM (0.4%, 0.3%); Friday: June Preliminary U. of Mich. Sentiment (98.5, 98), May Industrial Production MoM (0.2%, 0.7%), June Empire Manufacturing (18.5, 20.1).
Posted on Monday, June 11, 2018 @ 8:15 AM • Post Link Share: 
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