The Morning View from the West End: June 29, 2018

  • June 29, 2018

Senior Vice President / Portfolio Manager
(615) 591-0611

Announced this morning, consumer spending increased 0.2% for May, below expectations. Decreased spending on services, primarily utilities, was mostly to blame. Given consumer spending is approximately 70% of GDP, it can be an important indicator for economic growth. On the inflation side, core Personal Consumption Expenditures (PCE) excluding food and energy increased 0.2% for May and increased 2.0% on an annual basis, again near the level targeted by the Federal Reserve. In the months ahead, hopefully the Federal Reserve can maintain the delicate balance between economic growth and inflation as they continue with their planned interest rate increases. In all, equity futures are higher this morning heading into the market open.

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