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The Morning View: October 18, 2023

Announced this morning, Housing Starts were 1,358,000 in September, less than expected but a 7.0% increase over the previous month.  In addition, Building Permits were 1,473,000 in September, more than expected but it was a decrease of -4.4% from the previous month....

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The Morning View: October 12, 2023

Announced this morning, the Consumer Price Index (CPI) increased 0.4% in September, slightly higher than expected. It grew 3.7% on an annual basis, about the same as the annual level the previous month. Monthly prices for Fuel Oil, up 8.5%, were relatively strong,...

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Market Update -October 2023

Third Quarter 2023 Investment Commentary After a strong first half to 2023, global equity markets declined in the third quarter. The S&P 500 Index reached a 2023 high at the end of July, but from its intra-quarter high the index declined 6.3% through the end of...

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The Morning View: October 6, 2023

In this morning’s data, the economy added 336,000 jobs in September, almost double what was expected. The Leisure and Hospitality industry was relatively strong while Temporary Help Services was relatively weak. The Unemployment Rate held steady at 3.8% and the Labor...

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The Morning View: November 30, 2023

 In this morning’s data, Personal Income grew 0.2% in October, as expected. Personal Spending also grew 0.2% in October, as expected and markedly lower than the previous month. Real Personal Spending, which accounts for inflation, increased 0.2% in October, which is...

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Fixed Income Update – October 2023

3rd Quarter 2023 Fixed Income Review • Due to a rising Fed Funds rate and continued “hawkish” rhetoric from members of the Federal Open Market Committee (the FOMC), most fixed income sectors experienced negative performance in the 3rd quarter but are slightly positive...

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Investment Outlook – September 2023

Same Song, Second (or Third or Fourth) Verse There’s a certain sameness to the current market environment. It seems that we’ve been facing a familiar dynamic tension for most of the past year: GDP is thankfully still positive — no recession yet, and the unemployment...

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The Morning View: September 29, 2023

In this morning’s data, Personal Income grew 0.4% in August, as expected and higher than the previous month.  Personal Spending grew 0.4% in August, slightly lower than expected and moderately lower than the previous month.  Real Personal Spending, which accounts for...

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Market Perspective- September 2023

An Oversold (and Confused) Market • In mid-July, 87% of the S&P stocks exceeded their 50-day moving average. By mid-August, the high point had fallen to 33%, and as of September’s close, the number of stocks still holding above their 50-day moving average slipped...

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Post-FOMC Thoughts

The Decision After pausing briefly in June, the FOMC decided to execute another rate hike at their meeting in July, which brought the Fed Funds rate to its present range of 5.25 – 5.50%. Speeches by FOMC members leading up to today’s announcement confirmed a bias...

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