U.S - Shock and Awful
- Daily life came to a screeching halt this week as governments, businesses and consumers took drastic steps to halt the COVID-19 pandemic.
- Financial markets seized up as it became clear just how much, and for how long, economic activity could be interrupted.
- The situation has rapidly progressed beyond being either a “demand shock” or a “supply shock”; it is an unprecedented interruption and reorganization of economic life.
- We still have very few clues on how sharply spending will fall, but the incoming data will be unprecedented. Jobless claims will be in the millions next week.
Global - Easing Everywhere
- It was a wild week for the global economy as concerns continued to mount surrounding the negative consequences of the coronavirus outbreak. Many central banks across the globe opted to cut interest rates this week, including the Reserve Bank of New Zealand. The central bank cut its policy rate 75 bps to 0.25%, while the Reserve Bank of Australia also cut interest rates 25 bps to 0.25%, and introduced quantitative easing measures. In a surprise move, the BoE cut rates 15 bps and increased its bond purchase program. Among other central banks to ease monetary policy include the central banks of Korea, Chile, Brazil, Turkey and Japan, as well as the ECB.
This Week's State Of The Economy - What Is Ahead? - 16 July 2021
Wells Fargo Economics & Financial Report / Jul 30, 2021
Visiting from Texas, it felt more like fall, which like the Texas cold-snap last February just goes to show that it’s a case of what you’re used to.
This Week's State Of The Economy - What Is Ahead? - 07 April 2023
Wells Fargo Economics & Financial Report / Apr 10, 2023
Employers added jobs at the slowest pace since 2020 in March, job openings fell and an upward trend in initial jobless claims has emerged.
This Week's State Of The Economy - What Is Ahead? - 13 May 2022
Wells Fargo Economics & Financial Report / May 18, 2022
While small business enthusiasm appears to have stalled, as owners are concerned about their ability to continue to pass on higher costs to consumers, cautious enthusiasm around rookie Jeremy Pena’s start persists.
This Week's State Of The Economy - What Is Ahead? - 26 July 2024
Wells Fargo Economics & Financial Report / Jul 30, 2024
Economic growth defied expectations in the second quarter. Real GDP expanded at a 2.8% annualized rate, a sizable acceleration from 1.4% in Q1.
This Week's State Of The Economy - What Is Ahead? - 12 May 2023
Wells Fargo Economics & Financial Report / May 17, 2023
In April, the CPI rose 0.4% on both a headline and core basis, keeping the core running at a 5.1% three-month annualized rate. However, details pointed to price growth easing ahead.
This Week's State Of The Economy - What Is Ahead? - 17 July 2020
Wells Fargo Economics & Financial Report / Jul 18, 2020
Two countervailing themes competed for attention this week in financial markets. The first is that for the most part, economic data continue to surprise to the upside and do not yet rule out prospects for that elusive V-shaped recovery.
This Week's State Of The Economy - What Is Ahead? - 20 December 2024
Wells Fargo Economics & Financial Report / Dec 23, 2024
The strength in demand has hindered progress on disinflation, exemplified by the PCE deflator inching up a tenth to 2.4% year-over-year in November.
This Week's State Of The Economy - What Is Ahead? - 10 March 2023
Wells Fargo Economics & Financial Report / Mar 14, 2023
Financial markets were looking for validation that January\'s unexpected strength was not a fluke and that the downward slide in economic momentum experienced late last year had stabilized.
This Week's State Of The Economy - What Is Ahead? - 27 October 2023
Wells Fargo Economics & Financial Report / Nov 02, 2023
The U.S. economy expanded at a stronger-than-expected pace in Q3, with real GDP increasing at a robust 4.9% annualized rate.
This Week's State Of The Economy - What Is Ahead? - 09 December 2022
Wells Fargo Economics & Financial Report / Dec 15, 2022
Various price metrics released this week showed some continued signs of inflation cooling, but gradually rather than rapidly.