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Clarksville, TN – The economic data remained consistent with moderate economic growth and low inflation. Retail sales figures for July disappointed, coming in below expectations (but partly offset by upward revisions to June).
Preliminary productivity figures for the second quarter were weak (averaging a 0.5% annual rate over the last five years). Jobless claims remained very low. The Producer Price Index fell more than expected and pipeline pressures remained mild or slightly deflationary.Despite nervousness about the U.S. and global economies, and amid political uncertainty, the DJIA, the S&P500 and the NASDAQ composite all finished at record highs – the first simultaneous record close this century. The soft retail sales data and low PPI help keep long-term interest rates low.
Next week, the important economic data bunch up on Tuesday. But while these data reports will help to fill in the current picture, they should not have a big impact on the overall economic outlook.
Market participants will be focused on the Fed policy meeting minutes. We know that Fed officials are split, but the majority is in no hurry to raise short-term interest rates. The next major pivot point will be Fed Chair Yellen’s Jackson Hole speech on August 26th.
Consumer Money Rates
Treasury Yield Curve – 08/12/2016
As of close of business 08/11/2016
US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.
Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.
Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.
The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business August 11th, 2016.
Frazier Allen, WMS, CRPS, Financial Advisor with F&M Bank
Web Site: http://www.raymondjames.com/frazierallen
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