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The Morning View: December 17, 2019

BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager

In this morning’s data, Housing Starts were 1.365 million units in November, more than expected and an increase of 3.2% over the previous month. In addition, Building Permits were 1.482 million in November, also more than forecast and an increase of 1.4% over the previous month.  Overall, housing continues to show strength amidst the accommodative stance by the Federal Reserve, both in terms of interest rates as well as adjustments to their balance sheet.  Even though it comprises less than 4% of GDP, the jobs and activities related to a strong housing market can feed through to other parts of the economy and should help support moderate economic growth in the months ahead.  In all, bond yields are little changed, and equity futures have turned slightly higher heading into the market open.  We wish everyone a safe and happy holiday season!

This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward-looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.