What is the US economic outlook under President #Biden in 2021?
Our US Chief Economist @GregDaco shares with you the 3 keys themes for the US economy post #Elections.
Watch his analysis to find out more.
#uselection2020#joebiden
Earlier this week, one of my close friends died. I wrote this remembrance of him for Jalopnik. Thanks @Rory_Carroll, @TheErinMarquis and Norman Mayersohn for getting this out there, and @bypatrickgeorge who had greenlit my first essay on him in ‘18 + @robbholland3 for Sebring
Earlier this week, one of my close friends died. I wrote this remembrance of him for Jalopnik. Thanks @Rory_Carroll, @TheErinMarquis and Norman Mayersohn for getting this out there, and @bypatrickgeorge who had greenlit my first essay on him in ‘18 + @robbholland3 for Sebring
The trade deficit grew more than expected in October. Nominal exports shrunk for a fourth time in 5 months, while imports rose. Moderating global momentum, the stronger dollar,and protectionist trade policies will keep weighing on exports in the near-term. oxfordeconomics.com/my-oxford/publ…
Trading Today: Packed calendar to follow Wednesday’s market close. Treasuries rallied in Asia O/N but the gains sparked profit-taking in European trading oxfordeconomics.com/my-oxford/publ…
Trading Today: Income and PCE, claims, pending home sales, minutes. Treasuries higher O/N with 10-year dipping below 3% before profit taking kicked in oxfordeconomics.com/my-oxford/publ…
US #JobsReport: stronger-than-expected 250k jobs in October w/ net revisions flat.
#Wage growth breaches 3% for 1st time since mid-2009 at 3.1% y/y w/ 0.2% m/m rise in #Wages.
U-3 unemployment rate steady 3.7% (low since 1969) & labor force participation rate +0.2ppt to 62.9%
Trading Today: Employment Friday, plus trade and factory orders. O/N action in Treasuries driven by Trump tweets on trade oxfordeconomics.com/my-oxford/publ…
Trading Today: Productivity, claims, manufacturing PMIs to offer direction. Bear steepening continued in Treasuries in thin O/N trading oxfordeconomics.com/my-oxford/publ…
Despite tepid income gains, consumer spending registered a sturdy advance in Sep as consumers dipped into their savings. Headline PCE inflation slowed to 2.0% y/y and core
PCE inflation maintained a 2.0% y/y pace for the fifth consecutive month. oxfordeconomics.com/my-oxford/publ…
We look for Treasury to borrow $756 billion from non-Fed investors over the next two quarters. The Fed will reduce its Treasury holdings by $168 billion over the next two quarters. oxfordeconomics.com/my-oxford/publ…
Headline PCE deflator +0.1% & core PCE +0.2% in Sep.
Headline inflation cools to 2.0% from 2.2% while core #inflation well anchored at 2.0% (5th consecutive month)
--> This reports is "par for the course" for the #Fed
--> December rate hike looks likely despite #market volatility
US personal income: little softer than expectd (Sep) but household spending still strong:
- disposable income +0.2%
- real disp income +0.1%
- consumer spending +0.4%
- real cons +0.3%
- saving rate fell to 6.2% low since Dec17
Real disp income +2.9% y/y supports real spend +3.0%
Trading Today: Existing home sales, Kaplan and Bostic finish the week. Treasuries zig-zagged overnight but are heading into US trading little changed oxfordeconomics.com/my-oxford/publ…
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