Friday, September 27, 2019

Daily Market Report 9/27/19 A lot of data on the Economic Calendar today, so we'll start with the Durable Goods Orders for August, which rose 0.2% (higher than forecast of -0.7%); and if you remove Transportation, then it rose 0.5%.  Personal Income rose 0.4% in August, while Consumer Spending rose only 0.1%.  The PCE remain unchanged MoM in Aug., and YoY at 1.4%; however, the Core PCE rose 0.1% MoM and it's YoY rose from 1.7% (revised higher from 1.6%) to 1.8% -drawing closer to Fed's goal of 2.0% Target Rate.  Core PCE is the Fed's favorite gauge for inflation.  Consumer Sentiment rose to 93.2 after a brief dip to 92.0 in September.  Stocks are trading in Mixed Territory, as Investors watch more developing news on US/China Trade and Impeachment Inquiry.  China has indicated they will purchase more US Goods, and they set a date of Oct. 10-11 in DC for their next rounds of negotiations with the higher levels.  There is some concern that President Trump won't extend the timeframe for US businesses to deal with China's Huawei, which may lead to more tensions between the 2 nations.  The Impeachment inquiry has moved toward the backburner, as we've been through these types of obstacles and nothing seems imminent.  A few Fed Speakers will be out speaking today.  MBS is currently Up 5bps and moving sideways, so Mortgage Rates remain Unchanged.  Yields have climbed Up slightly to 1.70%.

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