BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, the Consumer Price Index increased 0.4% in March and 1.9% on an annual basis, close to estimates. The core rate, which excludes food and energy prices, increased just 0.1% in March and 2.0% on an annual basis, a bit lower than expected. Overall, firm labor market conditions have yet to place upward pressure on prices and inflation, as the core rate remains near the Federal Reserve’s stated target. Meanwhile, the European Central Bank (ECB) announced this morning no changes to interest rates at least through 2019 and expects the full reinvestment of maturing securities on their balance sheet to extend for the foreseeable future. The ECB remains extremely accommodative, as both weak economic growth and low inflation persists in Europe. In all, equity futures are higher and bond yields are little changed this morning heading into the market open.
This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward‐looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.
