Author: Zac Martin, Investment Associate
Week Ending January 31st – Sorry, Eh
The first FOMC meeting for the year leaves Federal Fund Rates unchanged at 4.5-4.25%. However, commentary around the committee’s progress towards inflation continually remains less optimistic. According to CME’s FedWatch, current market estimates for the next rate cut will fall on the June meeting.
Personal Consumption Expenditures for December was inline with analyst expectations, Core PCE increased 2.8% year over year.
The First Preliminary Q4 Real GDP reading was slightly below expectations growing at an annual rate of 2.3%. Gross Private Domestic Investment decreased for the first time since Q1 2023. Fixed Investment contributed -0.1% while Change Inventories contributed -0.9%.
Consumer Confidence declined to start the year, despite the decline, the Consumer Confidence Index has been range bound since 2022.
The week ahead:
ISM Manufacturing PMI (2/3)
JOLTS Report (2/4)
ISM Services PMI (2/5)
Non-Farm Payrolls & Unemployment (2/7)
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