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Bob Carey
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  US Economy and Credit Markets Ended Dec. 13, 2019
Posted Under: Weekly Market Commentary
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Treasury yields ended little changed in a volatile week. On Wednesday, yields dipped after the Fed left rates unchanged following its final meeting of the year, citing a favorable economic outlook, solid job gains, and low inflation. The Fed also signaled it would hold rates steady in 2020. Meanwhile, the Consumer Price Index rose 0.3% in November over the prior month, which topped expectations. Prices were up 2.1% over the prior year, near the Fed's 2% target and consistent with its decision to hold rates steady. Treasury yields then spiked on Thursday after President Trump tweeted the U.S. and China were nearing a trade deal. The two sides announced they had reached a phase-one trade deal on Friday. The U.S. agreed to cancel new tariffs that were scheduled to take effect on Sunday while reducing certain existing tariffs and China agreed to increase purchases of American agricultural goods. The deal is expected to be signed in January. Yields slid following the announcement as details surrounding the deal remained vague. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: December Preliminary Markit US Manufacturing PMI (52.6, 52.6), December Empire Manufacturing (4.0, 2.9); Tuesday: November Housing Starts (1,340k, 1,314k), November Industrial Production MoM (0.8%, -0.8%); Wednesday: December 13 MBA Mortgage Applications (N/A, 3.8%); Thursday: December 14 Initial Jobless Claims (225k, 252k), November Existing Home Sales (5.44m, 5.46m), November Leading Index (0.1%, -0.1%); Friday: 3Q GDP Annualized QoQ (2.1%, 2.1%), December Final U. of Mich. Sentiment (99.2, 99.2), November Personal Income (0.3%, 0.0%), November Personal Spending (0.4%, 0.3%).
Posted on Monday, December 16, 2019 @ 8:08 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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