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Daily Blog

Wednesday, August 23, 2017
The U.S. manufacturing report has rebounded after a month of contraction; the latest euro zone and emerging markets reports also indicate expansion.

Economic data has been - on the whole - a bit better than expectations. A rebound in retail sales was followed by strong print for industrial production, up 0.2% in July, and a 2.2% YoY rate, which is the strongest reading since early 2015. The preliminary August manufacturing PMI dipped slightly from July, however still firmly in expansionary territory, while the services component improved. Other survey measures remain very strong, led by the University of Michigan Consumer Sentiment Index improving to an almost 10-year high, and the Philadelphia Fed Business Outlook Survey and Richmond Fed Manufacturing Index both registering gains. The Atlanta Federal Reserve NowCast is currently showing a robust 3.9% estimate for Q3 GDP Growth. Looking ahead, all ears will be tuned into Fed Chair Yellen’s speech at Jackson Hole this Friday as she speaks on the topic of financial stability. For more on global manufacturing and services, please see page 8 of the Global Perspectives™ Book. - Special Guest Blogger: Pavel Dekhman

Weekly Commentary & Statistics

Monday, August 21, 2017

U.S. equities experienced a loss as the relationship between corporate America and the White House breaks down. Oil and gold both finished the period higher and the 10-year U.S. Treasury yield closed at approximately 2.19%.

Monthly Commentary & Outlook

July 2017

The "growth and reflation" trade continues intact due to the positive global economy and the hawkish inflection point in global central bank policy. 2017 markets have been "two steps forward and one step back," a path that rewards those fully invested or those who opportunistically "buy the dips."

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