The Morning View: August 12, 2019

BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager

In this morning’s data, the Producer Price Index (PPI) increased by 0.2% in July and is up 1.7% on an annual basis. The core rate, which excludes food and energy, decreased 0.1% in July, but is still up 2.1% on an annual basis. The monthly decrease in the core rate is the first in two years and further substantiates the move into a “mid-cycle” lowering of interest rates by the Federal Reserve. However, a firm labor market and decent consumer spending should also help keep the slow growing economy in place. Lower interest rates, partly due to the extremely low levels seen internationally, and an escalation of trade rhetoric have been digested by the markets this week. The push and pull between a slow growing economy, the cause of low interest rates, a decent earnings season, and increasing trade rhetoric is likely to continue in the weeks ahead. In all, bond yields are little changed and equity futures are lower heading into the market open.

This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward‐looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.

About

Argent Financial Group

Celebrating its 30th anniversary in 2020, Argent Financial Group (Argent) is a leading, independent, fiduciary wealth management firm. Responsible for more than $30 billion in client assets, Argent provides individuals, families, businesses and institutions with a broad range of wealth management services, including trust and estate administration, investment management, ESOPs, retirement plan consulting, funeral and cemetery trusts, charitable organization administration, oil and gas (mineral) management and other unique financial services. Headquartered in Ruston, Louisiana, Argent was formed in 1990 and traces its roots back to 1930.

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