August 9, 2019
Market Commentary
by Scott J. Brown, Ph.D., Chief Economist
Next week, the economic calendar picks up again. The Consumer Price Index is expected to get a small boost from higher gasoline prices, which normally fall in July. Ex-food and energy, inflation should remain moderate (note that year-over-year inflation in the core CPI is trending about 0.4 percentage points higher than the PCE Price Index, which is the Fed’s chief inflation gauge). Retail sales are likely to be mixed in July, following strong results in recent months. Industrial production is expected to remain weak. Lower mortgage rates have failed to fuel a significant pickup in residential construction activity.
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