US Economy and Credit Markets Ended April 23, 2021

Bob Carey
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US Economy and Credit Markets Ended April 23, 2021

Posted Under: Weekly Market Commentary

After a weak start to the year, throughout the month of April government Treasury price action has been generally strong. This contrasts with the generally rising yields that the market witnessed for the first three months of the year. Last week, treasuries enjoyed increasing price through the week before falling Friday. Corresponding to the pause in yields increasing, Gold has enjoyed strength in April and rose through last week before also falling on Friday. The Friday March New Single-Family Home sales report showed a huge increase of 20.7%. This represented a rise of 66.8% from the year prior. The average sales price of new homes sales was also recorded increasing 6.0% from the prior year. While Friday's report was wildly positive, Thursday's March Existing Home Sales data registered a decline of 3.7% from the prior month but still up 12.3% from the prior year. Average prices rose, however, and were up 12.4% versus the prior year. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: March preliminary Durable Goods Orders (2.5%, -1.2%); Tuesday: April Conference Board Consumer Confidence (112.2, 109.7); Wednesday: April 23 MBA Mortgage Applications (n/a, 8.6%), March preliminary Wholesale Inventories (0.6%, 0.6%), FOMC Rate Decision (lower bound 0%, upper bound 0.25%); Thursday: April 24 Initial Jobless Claims (550k, 547k) and 1Q GDP Annualized (6.9%, 4.3%); Friday: March Personal Income (20.0%, -7.1%), March Personal Spending (4.2%,-1.0%), April MNI Chicago PMI (64.3, 66.3) and University of Michigan April final Sentiment (87.5, 86.5).

Posted on Monday, April 26, 2021 @ 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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