BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Yesterday, Federal Reserve chair Jerome Powell spoke to the Senate as part of regularly scheduled testimony and will speak to the House of Representatives today. He indicated a gradual pace of tightening would continue “for now”, which assumes inflation remains in check and the economy maintains steady growth. Meanwhile announced this morning, both Housing Starts and Building Permits fell in June, more than forecasts. Housing Starts were 1.173 million, down 12.3% from the previous month and Building Permits were 1.273 million, down 2.2% from the previous month. While housing is only 4% of GDP, it is a reminder that economic data can turn both ways and the Federal Reserve needs to carefully consider new data in their policy in the months ahead. In all, equity futures are mixed this morning heading into the market open.
This information has been prepared by Argent Trust to highlight issues which may be of interest to the recipient and is not intended as legal, investment or tax advice. You are urged to seek legal, tax and accounting counsel for your particular situation before acting on topics discussed here. At Argent Trust, we assist our clients in managing and enhancing their wealth. Please call us at 615.591.0044 with questions or to schedule a meeting. © 2018 Argent Financial.
