2018 Economic Calendar
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Market Reflections  

January 29, 2018
Personal income proved solid in December, especially wages and income which rose 0.5 percent. Consumer spending rose a respectable 0.4 percent but followed November's very strong and upwardly revised 0.8 percent gain. Yet some of this spending is coming from savings as the savings rate fell to a long-term low at 2.4 percent. Inflation data were once again subdued with the core PCE index up only 0.2 percent with the year-on-year rate unchanged at only 1.5 percent.

The Dow fell 0.7 percent to 26,438 yet even after the dip, the average is still up 7.0 percent year to date. Unlike stocks, demand for bonds has been going in reverse which continued today as the 10-year yield rose 3 basis points to 2.69 percent. Demand for the dollar has also been going down though the dollar index did rise 0.4 percent to 89.37.

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