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Bob Carey
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  US Economy and Credit Markets Ended Sept. 27, 2019
Posted Under: Weekly Market Commentary

Treasury prices rose over the course of the week on an impeachment inquiry of President Trump, economic data and trade war news. On Monday and Tuesday, the Eurozone manufacturing purchasing managers index fell to its lowest level in 83 months while U.S. consumer confidence slipped, causing investors to seek the perceived safety of Treasurys. After Speaker of the House Nancy Pelosi announced she would support an impeachment inquiry against President Trump late Tuesday, investors continued to buy bonds. However, Treasury prices dropped on Wednesday as President Trump suggested that a trade deal could be closer than expected with reports that Chinese firms have increased U.S. soybean and pork purchases. Treasury prices rose slightly on Thursday as the whistleblower report, which has led to the impeachment support, was released to congress. However, optimism for a trade deal dropped on Friday as it was reported that the White House was considering limiting American portfolio flows into China, possibly escalating the trade war and pushing investors back into Treasurys. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Monday: September MNI Chicago PMI (50.0, 50.4); Tuesday: September Final Markit US Manufacturing PMI (51.0, 51.0), September ISM Manufacturing (50.2, 49.1), August Construction Spending (0.4%, 0.1%); Wednesday: September 27 MBA Mortgage Applications; Thursday: September 28 Initial Jobless Claims (215k, 213k), August Factory Orders (-0.5%, 1.4%), August Final Durable Goods Orders (n/a, 0.2%); Friday: September Change in Nonfarm Payrolls (145k, 130k), September Unemployment Rate (3.7%, 3.7%), August Trade Balance (-$54.5b, -$54.0b).
Posted on Monday, September 30, 2019 @ 8:10 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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