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The Monday Mix: Aug. 24 – 31, 2020

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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