Registered Investment Adviser Caleb Lawrence
The major averages plunged to begin the week and enter the final hour with substantial losses. Bitcoin tests $7,000 as the crypto bloodbath continues. China announced its own tariffs in the Tit-for-Tat trade war begun by Trump. The 3-billion in Chinese Tariffs will apply to 128 products, primarily agricultural including Pork, Wine, Fresh Fruits and Vegetables and other items. For the record it’s Currency War, Trade War and Shooting War if history is any guide. Despite claims that trade wars are easy to win, war rarely produces a victor from an economic perspective. Something we have demonstrated in spades over the last 15-odd years.
The Institute for Supply Management Manufacturing Index slipped 1.5 points in March to a still very strong 59.3. The details were unremarkable, save prices paid as they rose again to spend a 3rd consecutive month above 70.
Construction spending disappointed in February with a .1% gain. A 2nd weak month on a large decline in public construction. Remodeling and home repair spending fell markedly.