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Bob Carey
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  US Economy and Credit Markets Ended Feb. 21, 2020
Posted Under: Weekly Market Commentary
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Last week began gloomily when Apple Inc. warned that 2Q revenue would be short of its forecasts and the yield curve flattened. On Wednesday the Federal Reserve discussed current policy and decided it was appropriate considering overall economic strength juxtaposed against uncertainty arising from the global Coronavirus outbreak. As last week ended, U.S. long dated bond yields fell to all-time lows. The curve has twisted as the shortest-term yields and longer-term yields are higher than 2-7-year yields. The U.S. continues to have weak manufacturing data and the global supply chain has heightened uncertainty as a result of Coronavirus. Last week's economic news included both Housing Starts and Existing Home Sales declining in January. The Producer Price Index registered a modest increase as goods and services cost increased while energy costs declined. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: February Conference Board Consumer Confidence (132, 131.6); Wednesday: February 21 MBA Mortgage Applications (N/A, -6.40%), January New Home Sales (713K, 694K); Thursday: February 22 Initial Jobless Claims (212k, 210k), 4Q Annualized GDP QoQ (2.1%, unch.) January preliminary Durable Goods Orders (-1.50%, 2.40%); Friday: January preliminary Wholesale Inventories MoM (0.00%, -0.20%), January Personal Income (0.40%, 0.20%), January Personal Income (0.40%, 0.20%), January Personal Spending (0.30%, unch.) February MNI Chicago PMI (46, 42.9) and February final University of Michigan Sentiment (100.7, 100.9).
Posted on Monday, February 24, 2020 @ 8:22 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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