BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, Personal Income increased 0.5% in April, above forecasts. In addition, Personal Spending increased 0.3% in April, also above forecasts. The PCE Core Deflator, a measure of inflation that excludes food and energy, grew 0.2% in April and is up 1.6% on an annual basis. Overall, consumer spending was positive in April, despite following up a very strong reading of up 1.1% in the previous month; and core inflation levels remain below the Federal Reserve target of 2%. While some U.S. economic data points remain solid, trade tensions and expectations of slowing global growth are weighing on markets. Amidst these cross currents and incoming data, the Federal Reserve maintains their patient stance on interest rate policy. In all, bond yields ticked higher following this morning’s report and equity futures 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.