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Happy Groundhog’s Day – Market Report – February 5, 2018

Happy Groundhog’s Day – Market Report – February 5, 2018
February 5, 2018 abryant

 

 

I wish there was a pen that could copy and paste.

Memory loss: I had an epiphany. But I can’t remember what it was.

Happiness is waking up, looking at the clock and finding that you still have two hours left to sleep.

I hate it when I look horrible in a group photo and the person who looks good refuses to delete it.

Spoons…bowls with handles.

 

Now The Market Report . . .

 

The Fed didn’t raise policy rates at this week’s FOMC meeting, though their announcement pointed to a likely increase when they meet in March.

Consumer spending increased in December, a reflection of the strong labor market. However, the 2.4% national savings rate was the lowest since 2005.

The Fed believes that inflation could reach their 2% target this year. Supported by a growing economy, inflation pushes rates (including mortgage rates) higher.

 

National home prices continued their run higher in November, rising 6.2% annually. Home prices are rising more than three times faster than the rate of inflation.

Despite tight inventory, pending home sales were up 0.5% in December over November. The supply of homes for sale is at its lowest level since 1999.

Construction spending increased more than expected in December. Private residential projects rose to their highest level since March 2007.

 

What did the left eye say to the right eye?
Between you and me, something smells.

 

This week’s potential market moving reports are:

Monday, February 5th:         ISM Non-Manufacturing Index

Tuesday, February 6th:        JOLTS Report

Wednesday, February 7th:   MBA Applications, EIA Petroleum Status Report

Thursday, February 8th:       First Time Jobless Claims

 

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