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Bob Carey
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  US Stock Markets Ended Sept 24, 2021
Posted Under: Weekly Market Commentary

 
U.S. Treasury bond yields finished higher last week led by an increase in treasury yields on the long end of yield curve. Treasury yields started the week lower as the fallout in the Chinese real estate sector stoked a risk-off sentiment among investors. On Wednesday, Federal Reserve Chairman Jerome Powell addressed the media after the Federal Open Market Committee (FOMC) meeting. Though no current changes in monetary policy came out of the meeting, there were noticeable adjustments made to the Federal Reserve's outlook. Chairman Powell announced the Federal Reserve will very likely start tapering their quantitative easing program by November's meeting. Also, the Federal Reserve's view on interest rate hikes has substantially changed. The Federal Reserve's "dot plot" is now split on 2022 interest rate hikes, with half forecasting an increase while half do not. Initially on Wednesday, the yield curve flattened on the news as investors do not find rate hikes in 2022 likely. By the end of the of the week, the long end of the yield curve had substantially steepened as investors repositioned their assets. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Monday: August Preliminary Durable Goods Orders (0.7%, -0.1%); Tuesday: August Preliminary Wholesale Inventories (0.9%, 0.6%), July FHFA House Price Index MoM (1.5%, 1.6%), September Conference Board Consumer Confidence (115.0, 113.8); Wednesday: September 24 MBA Mortgage Applications (N/A, 4.9%), August Pending Home Sales MoM (1.1%, -1.8%); Thursday: September 25 Initial Jobless Claims (325K, 351K), September 18 Continuing Claims (2815K, 2845K), 2Q Third GDP Annualized QoQ (6.6%, 6.6%), 2Q Third GDP Price Index (6.1%, 6.1%), September MNI Chicago PMI (65.0, 66.8); Friday: August Personal Income (0.2%, 1.1%), August Personal Spending (0.6%, 0.3%), September Final Markit US Manufacturing PMI (60.5, 60.5), September Final University of Michigan Sentiment (71.0, 71.0), August Construction Spending MoM (0.3%, 0.3%), September ISM Manufacturing (59.5, 59.9).
Posted on Monday, September 27, 2021 @ 9:11 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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