The Morning View: March 29, 2019

  • March 29, 2019

BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611   mbartlett@argenttrust.com

Announced this morning, Personal Income grew 0.2% in February, a bit less than expected. Additionally, Personal Spending grew just 0.1% in January, also less than expected. From an inflationary perspective, the January core Personal Consumption Expenditures (core PCE) grew 1.8% on an annual basis. In all, the data indicates the consumer is challenged, but the income and spending figures did recover from the decreases seen the previous month. The recent government shutdown is partly to blame, but with consumer spending close to 70% of GDP, income and subsequent spending are needed to guide economic growth. Meanwhile, inflation remains slightly below the stated 2% target by the Federal Reserve, supporting their patient stance on policy. In all, equity futures are higher this morning and the U.S. dollar is slightly 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.