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Bob Carey
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  US Economy and Credit Markets Ended December 28th, 2018
Posted Under: Weekly Market Commentary

 
Treasury prices rose over the course of the week amidst high volatility in the equity markets. Treasury prices rose significantly on Monday as equities plummeted after there were reports that President Donald Trump was considering firing Federal Reserve Chairman Jerome Powell. A tweet from the President criticizing the Fed led to increased speculation and investors to seek the perceived safety of Treasuries. However, White House officials denied reports that the President was considering the move and equities soared on Wednesday, causing Treasury prices to drop significantly. Treasury prices then rose moderately on both Thursday and Friday in the wake of volatile days in the equity markets as investors still have concerns over the government and the economy. On Thursday, the Chairman of the Council of Economic Advisers Kevin Hassett said that Powell's job was 100% safe, but there has been no assurance from the President. Major economic reports (related consensus forecasts, prior data) for the upcoming holiday-shortened week include: Wednesday: December Final Dallas Fed Manf. Activity (15.0, 17.6), November Prelim. Wholesale Inventories MoM (0.5%, 0.8%), November New Home Sales (568k, 544k); Thursday: December 28 MBA Mortgage Applications, December ADP Employment Change (180k, 179k), December 29 Initial Jobless Claims (225k, 216k), November Construction Spending (0.3%, -0.1%), December ISM Manufacturing (57.8, 59.3); Friday: December Change in Nonfarm Payrolls (180k, 155k), December Unemployment Rate (3.7%. 3.7%).
Posted on Monday, December 31, 2018 @ 9:31 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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