U.S. Review: Lite On Economic Data, Heavy on Treasury Supply
|- Existing home sales fell 3.2 percent in January following a 2.8 percent decline in December. Tight supply continues to play a role in holding back sales.
- The Conference Board’s Leading Economic Index rose 1.0 percent in January following a 0.6 percent rise in December. The measure continued to support the case for continued robust GDP growth.
- The big story in Treasury markets this week was a sizable pickup in gross Treasury issuance. With larger budget deficits on the horizon, Treasury yields continue to move higher.
Global Review
Weighing Their Next Moves, Central Banks Eye the Data
- In South America this week, data from the Brazilian central bank showed the economy strengthening in December. Taking a three-month moving average, the economic activity index is growing at its fastest year-ago pace in nearly four years.
- Weekly earnings growth in the United Kingdom picked up slightly to end 2017, but employment growth was slower-thanexpected and the unemployment rate ticked higher.
- Inflation data for Japan and Canada showed a gradual firming in price growth in January. December retail sales in Canada were a dud, however, with much of the weakness concentrated in housing-related sectors.
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