BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced this morning, Housing Starts fell 11.2% in December, much more than expected, driven by decreases in both multi‐family and single‐family homes. While only a small portion of GDP, less than 4%, housing can be a precursor to the direction of economic growth. When coupled with the recent weak Retail Sales report for December, the data suggests December was difficult for the economy, likely impacted some by weather and the government shutdown. Meanwhile, Jerome Powell is set to speak to the Senate Banking Committee today as part of his regular testimony on monetary policy. He is expected to reiterate patience in managing policy in the months ahead. In all, equity futures and bond yields are lower 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.
