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Bob Carey
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  US Economy and Credit Markets Ended April 16, 2021
Posted Under: Weekly Market Commentary

 
Treasury yields dropped moderately amongst longer term yields over the course of the week despite higher inflation numbers and strong economic reports. On Tuesday, the Consumer Price Index rose 0.6%, which was the largest monthly surge since 2012, beating analyst expectations of 0.5%. However, Treasury yields dropped moderately on Tuesday as many bond investors were already pricing in significant inflation, resulting in strong demand for an auction of 30-year Treasurys. On Thursday, Retail Sales rose 9.8%, compared to analyst expectations of 5.0%, but bond investors looked past this report again as yields dropped. Federal Reserve Chairman Jerome Powell said that tapering of asset purchases would come "well before" an increase in interest rates, suggesting that accommodative policies from the Fed would remain for a while. Initial Jobless Claims were 576k, which was well below analyst expectations of 700k, though continuing claims remained flat. President Biden also announced retaliatory measures against Russia for election interference and cyberattacks. Oil prices rose 6.4% as the strong economic reports led to a higher forecast in global oil demand. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Wednesday: April 16 MBA Mortgage Applications (n/a, -3.7%); Thursday: April 17 Initial Jobless Claims (625k, 576k), March Leading Index (0.8%, 0.2%), March Existing Home Sales (6.20m, 6.22m); Friday: April Preliminary Markit US Manufacturing PMI (60.5, 59.1), March New Home Sales (885k, 775k).
Posted on Monday, April 19, 2021 @ 8:19 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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