U.S. Review - 2020 Is Off to a Good Start
- Most of this week’s economic reports showed the economy ended 2019 with strong momentum, while the Senate passage of the USMCA and the signing of Phase I of the China trade deal reduce some of the uncertainty hanging over the outlook.
- Mild weather helped housing starts surge 16.9% in December to a 1.61 million-unit pace, the highest in 13 years.
- Manufacturing surveys from the New York Fed and Philadelphia Fed both rose more than expected in December.
- December retail sales were soft, with a 0.5% gain in core retail sales offset by downward revisions to the prior two months.
Global Review - Central Banks Keeping It Easy?
- Data this week continued to point to further easing from the Bank of England, while dovish commentary from policymakers remains consistent with that narrative. We acknowledge that the case for a BoE rate cut has risen dramatically over the past week, and although our official call is for no change in January, we nonetheless agree that a rate cut is a distinct possibility.
- In emerging markets, both Turkey and South Africa’s central banks cut interest rates this week, given subdued GDP growth in each country. Elsewhere, Chinese GDP growth held steady in the fourth quarter, and December activity data exceeded expectations, adding to signs of a stabilizing Chinese economy.
Wells Fargo Economics & Financial Report / Nov 28, 2019
A series of U.K. general election polls released this week continue to show Boris Johnson’s Conservative Party with a significant lead over the opposition Labor Party.
Wells Fargo Economics & Financial Report / Oct 25, 2021
Restrictions from a renewed COVID outbreak in China, regulatory changes weighing on local financial markets and a potential collapse of Evergrande have all contributed to a slowdown in Chinese economic activity.
Wells Fargo Economics & Financial Report / May 25, 2021
Over the past year, the housing market has become white-hot.
Wells Fargo Economics & Financial Report / Mar 21, 2020
Daily life came to a screeching halt this week as governments, businesses and consumers took drastic steps to halt the COVID-19 pandemic.
Wells Fargo Economics & Financial Report / Sep 28, 2019
The release of the transcript of President Trump\'s phone conversation with Ukraine President Volodymyr Zelenskiy and the whistle blower complaint overshadowed most of this week\'s economic reports and took bond yields modestly lower.
Wells Fargo Economics & Financial Report / May 26, 2020
Employment fell in all 50 states and 43 states saw their unemployment rate rise to a record in April. The damage is already hard to fathom-a 28% unemployment rate in Nevada and still another month of job losses ahead.
Wells Fargo Economics & Financial Report / Aug 23, 2022
July data indicates that we celebrated a decline in gas prices by going shopping, boosting retail sales figures. I’m not sure I get the connection...
Wells Fargo Economics & Financial Report / May 29, 2022
it looks like higher mortgage rates are starting to have some effect on the housing market as April...
Wells Fargo Economics & Financial Report / Feb 22, 2020
Minutes from the January 28-29 FOMC meeting indicate the coronavirus will not push the Fed to cut interest rates, and for the most part housing and manufacturing survey data this week supported that view.
Wells Fargo Economics & Financial Report / Mar 21, 2023
Retail sales declined 0.4% during February, while industrial production was flat (0.0%). Housing starts and permits jumped 9.8% and 13.8%, respectively.