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The Morning View: July 20, 2021

Announced this morning, Housing Starts were 1,643,000 in June, an increase of 6.3% for the month, which was much higher than.  Conversely, Building Permits were 1,598,000 in June, down -5.1% for the month, which was more negative than expected.  Overall, the increase in housing starts and decrease in permits highlight some of the issues facing the overall economy, including the difficulty in finding skilled workers, persistent low rates, and large price fluctuations in the inputs for housing in recent months.  While more time is likely needed for these issues to normalize, the housing market remains important as it indirectly supports many other parts of the economy.  In all, the 10-year yield has ticked lower this morning and futures are higher as we head 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.