10/16– Weekly Economic Highlights

10/16– Weekly Economic Highlights

Consumer spending trends were unexpectedly strong in September. Retail sales increased 1.9% in September and were up 5.4% on a year-over-year basis. Excluding vehicles and gas, retail sales were up 1.5% in the month, well ahead of expectations for a 0.4% increase. On...
10/9– Weekly Economic Highlights

10/9– Weekly Economic Highlights

According to the minutes from the most recent Federal Open Market Committee meeting in September, many policymakers based their economic projections on the expectation of additional fiscal relief. They noted most market participants were also assuming another...
10/2– Weekly Economic Highlights

10/2– Weekly Economic Highlights

U.S. nonfarm payrolls were lower than expected, up 661,000 in September versus expectations of 859,000. However, payrolls for July and August were revised up by a total of 145,000. On a trailing 3-month basis, payrolls have increased an average of about 1,304,000 per...
9/25– Weekly Economic Highlights

9/25– Weekly Economic Highlights

The S&P 500 index is down nearly 9% from its early September peak. Likewise, the Dow Jones Industrials and the Nasdaq Composite indices are down roughly 8% and 10% from their highs, respectively. In our view, the recent pullback in US equities has been rational...
9/18– Weekly Economic Highlights

9/18– Weekly Economic Highlights

As expected, the Federal Open Market Committee (FOMC) kept monetary policy unchanged this week with the fed funds target rate in a range of 0.0% to 0.25%. Monetary policy remains highly accommodative and Fed Chair Powell maintained a dovish tone during his press...
9/11– Weekly Economic Highlights

9/11– Weekly Economic Highlights

Congress remains at an impasse over additional fiscal relief and hopes of getting a deal done before the Presidential election are starting to dim. While market participants remain focused on the course of the pandemic and expectations for a COVID-19 vaccine (at least...