Headlines discussed at LNWM’s Monday morning briefing:
— In major policy shift, Federal Reserve said it will allow for higher inflation — keeping interest rates low for longer — to boost employment.
— US consumer spending rose 1.9% in July after 6.2% jump in June and is 4.6% below pre-Covid-19 in Feb.; outlook uncertain since gov’t supports ended in August.
— US durable-goods orders rose 11.2% in July on strong demand for cars and trucks, as Americans continue to limit use of public transit.
— Issuance of new mortgages (not refis) rose at a 33% annualized rate in July, propped up by low mortgage rates and pent-up demand from the spring.
— Oil prices did not rise (recently at $43/barrel) due to hurricane Laura destruction in the Gulf Coast, on worries about global demand.
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