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Registered Investment Adviser Caleb Lawrence

The major averages enter the final hour mixed after some disappointing data. Crypto’s get hammered again. While the government looks to avert yet another shutdown on Friday with a last-minute stop gap funding measure because they can’t get their act together to pass an actual budget.

The November Treasury International Capital Flows or TIC report showed foreigners remained willing buyers of our securities with net purchases of 57.5 billion Dollars. Equities, Corporate and Agency Bonds remained popular, Treasuries sold off for a second month. This report marks a 4th consecutive month of solid foreign buying.

Residential construction activity disappointed in December with starts falling 8.2% to 1.192 million units annualized. Permits slipped .1% to 1.302 million units annualized. On a year ago basis starts have fallen 6%.

The Beige Book on regional economic activity showed more of the same moderate activity levels in January and tight labor markets that contrary to the Philips Curve are not driving meaningfully higher wages. At the regional level on a 3-month moving average basis Chicago showed weakness while Cleveland, Dallas, Minneapolis, New York, Philadelphia, Richmond, and Saint Louis all improved. San Francisco was unchanged.

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