Headlines discussed at LNWM’s Monday morning briefing:
— Supreme Court Justice Ruth Bader Ginsburg has died; the major upcoming battle in the US to approve her replacement is likely to add to market volatility.
— The Federal Reserve said it would hold interest rates near zero as long as it takes to get back to full US employment; expects GDP to shrink by 3.7% for all of 2020 vs. 6.5% drop expected earlier this year.
— The Trump administration said it will provide another $14 billion in aid for US farmers, in addition to the $19 billion offered in April 2020.
— US construction starts for multi-family housing fell 25% in August vs. July, but overall housing starts are up 3% from a year ago.
— US core retail sales fell 0.1% in August after rising 0.9% in July, with the drop or expiration in federal unemployment benefits likely taking a toll on spending.
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