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Economic Commentary

We break down timely topics, centered on the major economic events around the world and their impacts to financial markets, in order to help you simplify client conversations around important investing decisions.

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Economic Commentary

Consumer activity slows to close 2022: Weekly Economic Review & Outlook

The large declines in retail sales in December and November signals that consumer spending lost a lot of steam despite some cooling in inflation as we ended 2022. We see further downside in 2023 as we expect the labor market will start to weaken significantly, which will depress personal income growth. On the housing front, existing home sales fell for an eleventh straight month as prospective homebuyers continue to contend with low inventory and high mortgage rates. 

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Economic Commentary

Cooler inflation numbers are encouraging: Weekly Economic Review & Outlook

Encouragingly consumer price inflation continued to cool in December. The easing of inflation should provide reason and room for the Fed to slow the size of the policy rate hikes to 25 basis points starting at the next FOMC policy meeting on January 31 – February 1. In other economic news, the NFIB small business survey showed decreasing optimism among small business owners, many of whom have a negative outlook on the economy and expected sales for 2023.