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Macro Commentary: Pending home sales posted a record gain Monday morning, coming in at 44.3%, exceeding all forecasts, giving U.S. stocks a boost to start the week. The Business Roundtable’s survey shows confidence among U.S. CEOs are at their lowest levels since the financial crisis. 27% of the 136 CEOs surveyed said that they see … Read more
Macro Commentary: Last week on Tuesday, May Retail Sales rose more than twice as much as expected, coming in at 17.7%. The increase in sales was likely the result of government stimulus in addition to the gradual return of consumer confidence. All retail categories increased in May, including a 44% surge in sales of motor … Read more
Macro Commentary: Last week on Wednesday, the Fed maintained a dovish stance with nearly all officials forecasting its key interest rate to remain near zero through 2022. The FOMC said it would increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities “at least at the current pace” to sustain smooth market … Read more
Macro Commentary:Forecasters had their biggest miss ever on Friday in predicting the non-farm payrolls, which came in at 2.5 million after surveys said it would be -7.5 million. Models most likely failed to accurately account for the government’s relief response through the Paycheck Protection Program. The surge back was led by leisure and hospitality. As … Read more
Macro Commentary: Over the weekend, cities across the U.S. became hosts to large-scale protests, calling for justice and change in the wake of the death of George Floyd at the hands of a Minneapolis police officer. Some of these protests unfortunately devolved into looting and violence, causing clashes between protesters and police and the destruction … Read more
Macro Commentary: As expected, the Fed kept its target rate range at 0%-0.25% on Wednesday. Chair Powell said “we’re not going to be in any hurry to move rates up” after being questioned for clarity on the Fed’s forward guidance. Since March 20th, initial unemployment claims have totaled approximately 33.5 million, setting the stage for … Read more