Weekly Bottom Line

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Weekly Bottom Line

On February 18, 2020, Posted by , In Weekly Bottom Line, With No Comments

  • Risk sentiment turned positive last week, as investors took developments related to the Covid-19 virus and a mixed bag of U.S. data in stride. Among the data reports, the NFIB survey indicated that American small businesses entered 2020 on solid footing, with the confidence measure gaining additional ground in January.
  • The headline CPI measure rose to 2.5% y/y in January, while core CPI held steady at 2.3%. A level just above 2% for the latter implies core PCE inflation of roughly 2%, which would bring the Fed’s preferred inflation gauge closer to target.
  • Retail sales data was less upbeat than expected. While the headline was bang on market expectations (+0.3 m/m), the control group – used to measure household consumption expenditures – was revised lower in December and came in flat in January,  pointing to a soft entry into the first quarter.

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