Week In Review 8.23.2019
August 26, 2019
Week in Review
Week Ending: Friday, August 23rd, 2019
Recap & Commentary
Speaking at the Fed’s annual conference of global central bankers, Chair Jay Powell did his best to balance the idea that the Fed stands ready to act should economic growth soften, with the fact that there are limits to monetary policy, specifically with respect to the current trade war with China. Powell noted that, “The global growth outlook has been deteriorating since the middle of last year. Trade policy uncertainty seems to be playing a role in the global slowdown and in weak manufacturing and capital spending in the United States.” Powell went on to say that, “While monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence, it cannot provide a settled rulebook for international trade.”
Economic Bullet Points
Jobless Claims — Initial claims for unemployment insurance fell -12K last week to 209K, below the consensus of 217K. They continue to hover near their lowest level since 1969, indicating tight labor market conditions. Low claims remain a positive tailwind for personal income and consumer spending.
Of Note
Market Indices Week of 8/23
S&P 500 | -1.6% |
Small Caps | -2.3% |
Intl. Developed | 1.0% |
Intl. Emerging | 0.6% |
Commodities | -0.9% |
U.S. Bond Market | -0.3% |
10-Year Treas. Yield | 1.52% |
US Dollar | -0.5% |
WTI Oil ($/bl) | $54 |
Gold ($/oz) | $1,497 |
The Week Ahead
- GDP
- Durable Good Orders
- Intl. Trade in Goods
- Cash-Shiller HPI
- Personal Income & Outlays
- Consumer Confidence
- Jobless Claims
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