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Bob Carey
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  US Economy and Credit Markets Ended Dec. 27, 201
Posted Under: Weekly Market Commentary

 
Treasury prices rose over the course of the week on strong demand in Treasury auctions, despite increased trade optimism. Before the week began, it was reported that China would cut tariffs on U.S. consumer goods, including frozen pork, starting January 1st. This added to speculation that a phase-one trade deal between the U.S. and China is indeed near. President Trump said he would hold a signing ceremony when he met with President Xi despite not knowing yet where and when the leaders would meet to finalize an agreement. However, Treasury yields were pulled down as both the 5-year note auction on Tuesday and the 7-year note auction on Thursday drew strong demand. Next year the Federal Reserve is speculated to have more consensus in interest-rate decisions as two dissenting members from lowering interest rates 3 times in 2019 are losing their vote in 2020. Major economic reports (related consensus forecasts, prior data) for the upcoming holiday-shortened week include Monday: November Prelim. Wholesale Inventories MoM (0.2%, 0.1%), December MNI Chicago PMI (48.0, 46.3); Tuesday: December Conf. Board Consumer Confidence (128.2, 125.5); Thursday: December 28 Initial Jobless Claims (222k, 222k), December Final Markit US Manufacturing PMI (52.5, 52.5); Friday: November Construction Spending MoM (0.3%, -0.8%), December ISM Manufacturing (49.0, 48.1).
Posted on Monday, December 30, 2019 @ 8:18 AM • Post Link Share: 
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