The Morning View: September 27, 2019

Senior Vice President / Portfolio Manager

Announced this morning, Personal Spending increased just 0.1% in August, below forecasts. Personal Income in August increased 0.4%, matching forecasts. The monthly reading of the core Personal Consumption Expenditure (PCE) Deflator increased 1.8% on an annual basis, two tenths higher than the previous month, but still below the Federal Reserve’s stated 2% target. Overall, the firm labor market, with unemployment remaining below 4%, continues to provide income to consumers. However, spending slowed from strong readings in previous months, likely due to in part to uncertainties surrounding trade, political confrontation, and the start of the election process. The Federal Reserve has continued with its “mid-cycle” rate cut adjustment and has also stopped its balance sheet reduction, which should provide some accommodation amidst these uncertainties. In all, bond yields ticked lower following the report, with the U.S. 10- year yield remaining above the U.S. 2-year yield. Equity futures are higher 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.


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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