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Weekly Market Commentary

2.19.19

Last Thursday we were finally gifted December’s retail sales data after the delayed release due to the government shutdown. The result? Disappointing. Sales showed the biggest drop since 2009. In response, with addition to European trends, mortgages rallied back closer to where they began the week; however, they are still lower in price. This week, the FOMC minutes will provide intrigue into where rates could go in 2019. Some say a cut is a more probable next move for the fed than a hike. Others disagree. One way or the other, the minutes should help those making their cases.

We have a shortened calendar this week with the Presidents’ Day holiday on Monday. Tuesday is light on the news front with just the NAHB Housing Index publication. Wednesday is light as well; however, lots of attention will be on the FOMC minutes, and weekly MBA applications will be published as well. Thursday we’ll get a slew of data; the always reliable Jobless Claims and Continuing Claims, along with Durable Goods Orders, Philadelphia Fed. Business Outlook, Bloomberg Consumer Comfort, US Manufacturing, Services and Composite PMI, Leading Index and Existing Home Sales. We end the week on Friday with no major releases.

Economic Calendar for the week of 02/18/2019 to 02/22/2019:

Monday: Markets Closed (Presidents Day)
Tuesday: NAHB Housing Market Index
Wednesday: MBA Mortgage Applications, FOMC Minutes
Thursday: Initial Jobless Claims, Continuing Claims, Durable Goods Orders, Phil. Fed. Business Outlook, Bloomberg Consumer Comfort, US Manufacturing, Services and Composite PMI, Leading Index, Existing Home Sales
Friday: N/A

Please Note: The above Market Commentary information is updated weekly.