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Bob Carey
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  US Economy and Credit Markets Ended Sept. 9, 2022
Posted Under: Weekly Market Commentary
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The European Central Bank raised interest rates from 0% to 0.75% last week in an attempt to curb inflation. A rate increase that large is rare for the ECB and the most it has ever raised interest rates in a single hike. Eurozone inflation is higher than in the US, increasing 9.1% in August as energy prices are surging in the eurozone amid the war in Ukraine. On Thursday, Fed Chairman Jerome Powell reiterated the Fed’s commitment to curb inflation in the US, setting the stage for another 0.75% rate hike later this month. Shorter-term yields climbed on his remarks. St. Louis Fed President James Bullard also said last week that Wall Street is underestimating a scenario in which interest rates have to stay higher for longer to bring inflation back to 2%. The market expects rate cuts beginning in the middle of next year. The next reading of the Consumer Price Index will be released Tuesday. Economic data released last week showed the ISM Services Index beat expectations in August and that economic activity in the services sector continues to expand. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: August CPI MoM (-0.1%, 0.0%), August CPI YoY (8.0%, 8.5%); Wednesday: September 9 MBA Mortgage Applications (N/A, -0.8%), August PPI Final Demand MoM (-0.1%, -0.5%); Thursday: September 10 Initial Jobless Claims (225k, 222k), August Retail Sales Advance MoM (0.0%, 0.0%), August Industrial Production MoM (0.1%, 0.6%), September Empire Manufacturing (-15.0,-31.3); Friday: September Preliminary U. of Mich. Sentiment (59.8, 58.2).

Posted on Monday, September 12, 2022 @ 8:18 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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