Price Return Last Week
S&P 500 +4.30% S&P Mid Cap +3.2% Russell 2000 +4.4%
MSCI EAFE +1.2% MSCI EM +0.7%
10 Yr US Treasury Rate – fell from 3.71% to 3.65%
Source: Refinitiv Eikon
Recent News
Core CPI – August: 0.3% (Reuters Poll est. 0.2%) July: 0.2%
Core inflation was reported slightly ahead of expectations, dampening hopes of a 50 basis point cut by the Federal Reserve this week. Shelter inflation ticked up in August to an increase of 0.5% month-over-month compared to 0.4% in July. The overall CPI increased 2.5% in the 12 months through August for the smallest annual increase since February 2021.
Source: Thomson Reuters, Refinitiv Eikon
ECB Cuts Rates – The European Central Bank lowered rates by 0.25% from 3.75% to 3.5%. This was their second cut in the last three months and widens the gap between American and European monetary policy. In their policy statement, the ECB projected economic growth in the eurozone at 0.8% this year and 1.3% next year. Estimates from the Federal Reserve Bank of Atlanta for annualized Q3 GDP growth in the U.S. are at 2.5% currently.
Source: The Wall Street Journal
Consumer Confidence – September: 69.0 (Reuters Poll est. 68.5) August: 67.9
Consumer sentiment reached its highest level since May 2024 after increasing for the second month in a row. Year-ahead expectations for the economy improved and year-ahead expectations for inflation fell for the fourth consecutive month. Consumers estimate inflation to average 2.7% over the next year, the lowest estimate since December 2020 and in-line with the pre-pandemic range of 2.3-3.0%.
Source: University of Michigan, Refinitiv Eikon
US Soccer Coach – The U.S. Soccer Federation announced they have hired Mauricio Pochettino as the new manager of the U.S. men’s national team. Pochettino has coached several of the most storied soccer clubs, including Paris Saint-Germain and Chelsea and worked with some of the best players in the world, such as Lionel Messi, Neymar, and Harry Kane. His salary of $6 million per year is a pay cut from his previous job with Chelsea but makes him the highest-paid coach in U.S. Men’s National Team history and is nearly three times what the previous coach earned in 2022.
Source: ESPN.com
Upcoming Events
9/17 – Retail Sales
9/18 – Fed Decision, Notable Earnings Reports: General Mills
9/19 – Bank of Japan Decision, Existing Home Sales, Notable Earnings Reports: FedEx, Darden Restaurants
Source: Refinitiv Eikon
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