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Bob Carey
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  US Economy and Credit Markets Ended Oct. 11, 2019
Posted Under: Weekly Market Commentary
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U.S. government bond yields rose last week following a breakthrough in the trade war between the U.S. and China. Yields jumped on Friday after President Donald Trump said the U.S. reached a "substantial phase one deal" with China, deescalating the trade war between the two countries. Additionally, Treasury Secretary Steven Mnuchin announced that the U.S. would forgo new tariffs on imports of Chinese goods scheduled to take effect this week. In economic data, the Producer Price Index unexpectedly declined 0.3% in September over the prior month, the Labor Department announced on Tuesday, while rising 1.4% over last year. Consumer prices also came in below expectations, as the Consumer Price Index was unchanged in September over the prior month. The inflation data did not deter expectations that the Fed will cut interest rates at the end of October. Meanwhile, the University of Michigan Consumer Sentiment Index came in above estimates on higher real income expectations, as the consumer remained a bright spot in the U.S. economy. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: October Empire Manufacturing (1.0, 2.0); Wednesday: October 11 MBA Mortgage Applications (N/A, 5.2%), September Retail Sales Advance MoM (0.3%, 0.4%); Thursday: October 12 Initial Jobless Claims (215k, 210k), September Housing Starts (1,318k, 1,364k), September Industrial Production MoM (-0.2%, 0.6%); Friday: September Leading Index (0.1%, 0.0%).
Posted on Monday, October 14, 2019 @ 8:02 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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