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Caleb Lawrence – KPIG-KPYG Radio – Share the Wealth – January 19, 2017

Despite generally better than expected data the major averages struggled in early trade entering the final hour with modest losses. The Philadelphia Fed beat expectations in January with a 3.9 point gain to 23.6 on strength in new orders and employment.

Housing starts increased 11.3% in December to 1.226 million units annualized. Permits slipped .2% to 1.21 million units annualized. Decent numbers to be sure but the starts data series has become extremely volatile of late. On a year ago basis starts increased 5.7% and strength in construction was particularly notable in the west.

The October TIC or Treasury International Capital flows report showed a net gain of 30.8 billion as agency bonds remained as popular as ever. Net selling of Treasuries came to a near standstill after 7-consecutive months of heavy international selling.

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