August 18 Weekly Market Recap
Aug 21, 2017
Yields rose for the first two and a half days last week as the fears surrounding North Korea abated, for now, and U.S. retail sales data showed a significant bounce in consumer spending in July. However, the upward trend reversed midday Wednesday in the midst of another round of White House turmoil. Two of the President’s advisory councils were disbanded around lunch on Wednesday, largely as a result of his response to activities in Charlottesville the weekend before. The Fed’s July Minutes added downward pressure to yields as evidence of a divide on the inflation outlook became more evident. Other White House staffing concerns with Cohn (rumored) and Bannon (actual) keeping Washington in focus on Thursday and Friday. A terror attack in Barcelona had an effect on Thursday’s trading – more so in Europe than the U.S. Click here to see the full recap.