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  US Economy and Credit Markets Ended April 26, 2019
Posted Under: Weekly Market Commentary

 
Treasury prices rose over the course of the week on economic news and lower inflation expectations. On Wednesday, the German Ifo Business Climate Index fell 0.5 points, drawing concerns about the German economy and increasing the appetite for U.S. Treasuries. Australian consumer prices were also flat on Wednesday, increasing the likelihood the Reserve Bank of Australia would cut rates on May 7. However, concerns of an economic downturn were eased on Thursday's strong durable good orders and Friday's 1st quarter annualized GDP number of 3.2%, which exceeded analyst expectations of 2.3%. Inflation also was lower than expected on Friday, which caused yields to drop as investors saw that as a sign that the Fed would be more capable of cutting rates in 2019. On Monday, the Trump administration announced it would end waivers for countries buying oil from Iran, causing oil prices to rise. However, oil ended the week lower with a large drop on Friday after President Donald Trump told OPEC to bring down prices, which he could threaten with extended sanction waivers or selling more from the U.S. strategic reserve. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Monday: March Personal Income (0.4%, 0.2%), March Personal Spending (0.7%, n/a); Tuesday: April MNI Chicago PMI (59.0. 58.7), April Conf. Board Consumer Confidence (126.8, 124.1); Wednesday: April 26 MBA Mortgage Applications (n/a, -7.3%), April ADP Employment Change (180k, 129k), April Final Markit US Manufacturing PMI (52.4, 52.4), April ISM Manufacturing (55.0, 55.3), March Construction Spending MoM (0.2%, 1.0%), May 1 FOMC Rate Decision Upper Bound (2.25%, 2.25%); March Final Durable Goods Orders (n/a, 2.7%), March Factory Orders (1.1%, -0.5%); Friday: March Prelim. Wholesale Inventories MoM (0.2%, 0.2%), April Change in Nonfarm Payrolls (185k, 196k), April Unemployment Rate (3.8%, 3.8%).
Posted on Monday, April 29, 2019 @ 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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