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Bob Carey
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  US Economy and Credit Markets Ended Dec. 31, 2020
Posted Under: Weekly Market Commentary
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Treasury yields remained mostly flat over the course of the week as uncertainty remained around the size and scope of the stimulus package. On Sunday, President Trump signed the $900 billion pandemic relief package and a $1.4 billion government funding bill. On Monday, the House passed a bill that would increase the stimulus payments to individuals from $600 to $2000.  However, that bill stalled in the Senate on Tuesday and talks will continue in the new year. In the United Kingdom the Oxford University AstraZenaca Covid-19 vaccine was approved so vaccinations could begin early next year. Health officials believe this should help combat the new, more virulent strain that has become more prevalent in the U.K. On Friday, Initial Jobless Claims fell to 787k last week, beating expectations of 835k and continuing claims fell to 5219k, beating expectations of 5370k. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Monday: December Final Market US Manufacturing PMI (56.3, 56.5), November Construction Spending MoM (1.1%, 1.3%); Tuesday: December ISM Manufacturing (56.5, 57.5); Wednesday: Jan 1 MBA Mortgage Applications (n/a, 0.8%), December ADP Employment Change (50k, 307k), November Factory Orders (0.7%,1.0%), November Final Durable Goods Orders (0.9%, 0.9%); Thursday: Jan 2 Initial Jobless Claims (n/a, 787k), November Trade Balance (-$67.2b, -$63.1b); Friday: December Change in Nonfarm Payrolls (50k, 245k), December Unemployment Rate (6.8%, 6.7%).
Posted on Monday, January 4, 2021 @ 8:09 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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