Wall Street Webcasting Presents: Wells Fargo Securities: Economic Data Continues to Gradually Improv
Wall Street Webcasting Presents: Wells Fargo Securities: Economic Data Continues to Gradually Improve as September FOMC Meeting Looms
NEW YORK--(BUSINESS WIRE)-- Wall Street Webcasting has prepared and provided for you an exclusive broadcast of Wells Fargo Securities own, Rich Gordon. Gordon is highly recognized for his weekly narrates regarding the fixed income strategy at Wells Fargo Securities (NYSE: WFC). This week, Gordon discusses the ups and downs in the economic data, recent trading patterns of yields, and also the economic status of the Euro zone.
Most economic data that has been released within the last month has surpassed the general forecasts of most; with the ADP National Employment Report reaching the 200,000 mark, the 2nd quarter GDP reading being at 1.7%, and the ISM Manufacturing Index spanning 55.4. However, results within the job market fell below assumptions. A disappointing 162,000 jobs were added to the economy, out of an expected 185,000 in the month of July. Taking all of these statures into consideration, the Fed will witness one more round of economic data before deciding on when to begin tapering.
We have also seen a steady trade pattern within the 10-Year Treasury Yield within the past month. It has traded consistently between 2.45% and 2.75% following the sell-off in rates that ensued throughout the month of June. Gordon notes that insurance companies have taken full advantage of booking assets at higher all in yields, notably within the CMBS market due to the higher yield pick-up that is seen within this market, compared to other asset classes.
In regards to Japan and the Euro-zone, Japan announced its 2nd quarter GDP reading. It grew at a 2.6% rate annually. Although it was an increase, this reading still fell below the anticipated 3.6%. This feeble growth may result in a diminished reason to apply a sales tax increase, which is expected to be implemented next April.
To hear a more in depth explanation of the trading patterns of yields, and what effect the recent economic data may have, please tune into Wells Fargo Securities' latest video.
Please visit the following link to view the video:
Wall Street Webcasting
Heather N. Capizzi, 201-683-2100
KEYWORDS: United States North America New York
The article Wall Street Webcasting Presents: Wells Fargo Securities: Economic Data Continues to Gradually Improve as September FOMC Meeting Looms originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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