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The Morning View: January 31, 2020

Senior Vice President / Portfolio Manager

In this morning’s data, Personal Spending grew 0.3% in December as expected. Personal Income increased 0.2% in December, slightly lower than expected. The core Personal Consumption Expenditures (PCE) deflator, a measure of inflation that excludes food and energy, increased only 1.6% on an annual basis. Overall, spending and income had modest increases in December, but are likely enough to continue to support the current, moderate level of economic growth. The first reading GDP growth in the fourth quarter 2019 was 2.1%, as announced yesterday. In addition, inflation remains benign and below the 2% target set by the Federal Reserve, suggesting no change to the accommodative monetary policy currently in place. In all, bond yields are slightly lower and equity futures are also lower heading into the market open.

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.