Author: Zac Martin, Investment Associate
Week Ending September 19th – Life Preserver

FOMC Meeting for September announced a rate cut with the Federal Funds Rate to continuing the Fed’s easing cycle. Additionally, the committee released their future economic expectations, projecting a slightly higher GDP as well as higher unemployment. For further information, link here.
Leading Economic Indicators for August reported a decline of -0.5%, which is the largest decline since April’s volatility. Of the components, only rising stock prices and the Leading Credit Index supported the LEI, all other parts remain persistently weaker. Consumer expectations for business conditions and ISM New Orders continue to be the main contributors for a declining LEI. The index has been signaling a recession since April (chart below).

Retail sales for August were reported higher than the consensus estimates, increasing 0.6% month over month. Overall, retail trade sales were up 4.8% from last year, non-store retailers up 10.1% and food service/drinking places were up 6.5%.
The Week Ahead:
- Richmond Fed Index (9/23)
- Building Permits & New Home Sales (9/24)
- US GDP Q2 – Final Reading (9/25)
- Personal Consumption Expenditures (9/26)
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