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Bob Carey
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  US Economy and Credit Markets Ended June 21, 2019
Posted Under: Weekly Market Commentary

 
Treasury prices rose over the course of the week as the Federal Reserve signaled that monetary policy would be eased later this year. On Wednesday, the Fed kept interest rates unchanged with a range of 2.25-2.50, however, it removed the phrase "patience" from its policy statement. In addition, the Fed added skepticism that the economic outlook improved and revealed a "dot plot" that showed seven board members forecasted two rate cuts by the end of 2019. It was reported that President Trump contemplated demoting Fed Chairman Jerome Powell as Trump has repeatedly called for rate cuts. The European Central Bank President Mario Draghi also signaled that the ECB would use measures to boost the eurozone and insisted he could use further rate cuts. Oil prices rose 9% as tensions escalated in the strait of Hormuz, a major oil shipping lane, when Iran shot down a U.S. drone, increasing geopolitical fears. However, these fears were mitigated slightly on Friday as President Trump declined military retaliation. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: May New Home Sales (685k, 673k), June Conf. Board Consumer Confidence (131.0, 134.1); Wednesday: June 21 MBA Mortgage Applications (n/a, -3.4%), May Prelim. Durables Goods Orders (-0.1%, -2.1%), May Prelim. Wholesale Inventories MoM (0.5%, 0.8%); Thursday: 1Q (Third) GDP Annualized QoQ (3.2%, 3.1%), June 22 Initial Jobless Claims (219k, 216k); Friday: May Personal Income (0.3%, 0.5%), May Personal Spending (0.5%, 0.3%), June MNI Chicago PMI (54.0, 54.2), June Final U. of Mich. Sentiment (97.9, 97.9).
Posted on Monday, June 24, 2019 @ 9:02 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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