BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced yesterday, Existing Home Sales decreased 6.4% in December, much lower than expected and the largest monthly decrease since November 2015. It is clear that the housing market is under pressure, partially from higher mortgage rates making housing less affordable. While on its own housing is only 4% of overall GDP, weakness can spread to other parts of the economy and adds another reason for the Federal Reserve to be patient with interest rate policy in the months ahead. In all, equity futures and bond yields are higher this morning 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.
