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Bob Carey
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  US Economy and Credit Markets Ended July 12, 2019
Posted Under: Weekly Market Commentary

 
Long-term U.S. Treasury yields climbed last week as short-term U.S. Treasury yields retreated, widening the yield curve. Federal Reserve Chairman Jerome Powell addressed Congress last week. Fed Chairman Powell mentioned the Fed will "act as appropriate to sustain the expansion" as uncertainties surrounding weak global growth and trade tensions continue to mount. Powell also mentioned the U.S. economy is solid and remains on track. The Consumer Price Index, or CPI, rose 0.1% in June, above the expectation of no change. CPI, an inflation indicator, is up to an annualized 2.1%. Also, real average hourly earnings rose 0.2% in June and are up 1.5% in the past year, signaling continued strength in the labor market. Strong labor market data along with inflation in-line with the Fed's target wasn't enough to sway sentiment as the Fed Chairman's testimony was interpreted as a sign that rate cuts are forthcoming. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: July Empire Manufacturing (2.0, -8.6); Tuesday: June Import Price Index MoM (-0.6%, -0.3%), June Retail Sales Advance MoM (0.1%, 0.5%), June Industrial Production MoM (0.1%, 0.4%); Wednesday: July 12 MBA Mortgage Applications (N/A, -2.4%), June Housing Starts (1260k, 1269k), June Building Permits (1300k, 1294k); Thursday: July 13 Initial Jobless Claims (216k, 209k), June Leading Index (0.1%, 0.0%); Friday: July Preliminary University of Michigan Sentiment (98.6, 98.2).
Posted on Monday, July 15, 2019 @ 8:05 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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