US The biggest surprise last week in the US was the eight point drop in the National Association of Homebuilders (NAHB)/Wells Fargo Housing Market Index in November. This month’s plunge to 60 was the largest drop since February 2014, with declines in both builders’ assessment of current sales and future sales expectations indices. The expected [...]
US The third quarter print of the US GDP data dominated an otherwise slow week of economic data. Real GDP topped consensus expectations and grew a solid 3.5% in Q3. The outturn represents a modest downshift from the 4.2% registered in Q2; however, the US economy continues to grow at a strong rate that is [...]
US The Federal Open Market Committee (FOMC) voted unanimously this week to maintain the target range for the federal funds rate at 2.0% to 2.25%, a decision widely anticipated by market participants. As this was the final FOMC meeting without a press conference, attention was focused squarely on the policy statement, which delivered few surprises. [...]
US US personal spending rose a solid 0.4% in September, consistent with the robust pace of consumption reported in last week’s Q3 GDP release. Spending was driven by a surge in durables, which, at least in part, was due to replacement demand after Hurricane Florence. The FED’s preferred gauge of inflation, the PCE deflator, came [...]
