Markets in a Minute - Snowed In!
By: Zac Martin
Author: Zac Martin, Investment Associate
Weeks December 16th to January 3rd – Snowed In!
The final FOMC Meeting for 2024 released the committee’s economic projections; which, surprised the market and sent equities lower on December 18th. The report highlighted a shift in the committee’s expectations for fewer rate cuts in 2025 and an overall stronger economy than was projected in the September meeting.
Personal Consumption Expenditures for November was inline with analyst expectations, with core PCE growing 2.8% year-over-year.
Consumer Confidence Index reported below analyst expectations for December, declining to 104.7 from 112.8. The decline was a result of lower positive expectations across the labor market, wage market, and overall business conditions.
Empire State Manufacturing Survey for December reported a slight decrease in positive future expectations. While forward looking indicators remain positive for 2024 there has been an uptick in inventories and unfulfilled orders.
ISM Manufacturing PMI for December increased and beat analyst expectations. The increase was due to New Orders and Backlog of Orders.
The week ahead:
ISM Services PMI, JOLTS Report (1/7)
FOMC Meeting Minutes (1/8)
Non-Farm Payrolls & Unemployment Rate (1/10)
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