Economic news during the week was highlighted by the Fed’s decision to keep interest rates steady, a lukewarm employment situation report for July but stronger labor data in other reports, decent housing numbers, but weaker ISM manufacturing and non-manufacturing numbers held back by tariff concerns.
- Economic data for the week was focused on inflation, with the PPI and CPI both showing gains, and a stronger pace on a year-over-year basis. Labor data, based on job openings and claims, continued to fare well.
- Equity markets rose globally, proving strongest in the U.S., and more tempered abroad. Bonds were little changed in keeping with little interest rate volatil
The June FOMC meeting concluded with members deciding to raise the fed funds target rate by 0.25%, for the seventh time this cycle, to a new range of 1.75-2.00%. As the probability of this happening was over 95%, in light of recent stronger economic and inflation data, this was far from a surprise.
- Economic data for the week was highlighted by a slight reduction in Q1 GDP, strong manufacturing data, mixed housing data, but a stronger-than-expected employment situation report.
- Equity markets gained on the week in the U.S., but foreign stocks were held back by concerns in Europe. Bonds fared well, with interest rates falling slightly. Commodities declined, led b