The U.S. economy grew at 2.3% in the first quarter, better than the consensus estimate of 2.0%, but a slowdown from the near 3% growth of the prior three quarters. Persistent problems with seasonal adjustment of first quarter data and a lull in consu
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Beige Book Suggests Continued Moderate Economic Growth
The latest edition of the Federal Reserve’s (Fed) Beige Book, released Wednesday, April 18, 2018, sustained a positive view of the U.S. economy. The Beige Book is a qualitative assessmen
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Producer and consumer prices moved higher in March, but both remain manageable. Inflation has been a major topic for financial markets in 2018, with concerns initially sparked by a January wage growth number that exceeded expectations. Wage growth co
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Increasing trade tensions weighed on markets during the first week of April, and a weak March jobs report added to concerns, but in this market a little perspective can go a long way. The S&P 500 Index fell on April 6, but the drop may have seeme
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After such a calm 2017, it was reasonable to expect higher volatility in 2018, and February and March certainly delivered. As the quarter came to a close, the S&P 500 Index finally snapped a nine-quarter win streak, but we think the bull market s
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Beige Book Suggests Continued Moderate Economic Growth
The Federal Reserve (Fed) was in the news last week, as markets digested the March 20–21 Federal Open Market Committee (FOMC) meeting statement. The outcomes of the meeting were broadly
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Federal Reserve (Fed) Chair Jay Powell will preside over his first Fed policy meeting March 20 – 21. Although this is his first meeting as chair, Powell has been a voting member of the policy committee since 2012 and is a seasoned veteran of Fe
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The February employment report crushed expectations for the number of jobs created (313,000 versus the consensus expectation of 205,000), but wage growth moderated from the surprising January levels. January’s numbers were also revised higher f
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On March 1, 2018, President Trump announced that the United States would be imposing a 25% tariff on steel imports and a 10% tariff on aluminum imports. The S&P 500 Index fell 2% on the news before rallying over the last two hours of trading to f
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March Madness for Central Banks
The month of March is generally eventful and provides us with multiple potential market-moving events to monitor. It has been a roller coaster of a year so far, with one of the strongest January returns ever for the
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