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The Morning View: March 10, 2021

Announced this morning, the Consumer Price Index increased 0.4% in February, as expected, and is 1.7% higher on annual basis.  Prices for Gasoline were again higher for the month, increasing 6.4%, while prices for Used Cars and Trucks, Apparel, and Medical care were all lower.  The core rate, which excludes prices for food and energy, increased just 0.1% in February and is up 1.3% on an annual basis, both slightly below analyst estimates.  Overall, inflationary pressures remain benign, especially at the core level which came in below expectations.  Even with the recently passed stimulus package, there is a long road ahead for core rates to get to and above the 2% level, given the slack in the labor market and over 9 million jobs that were lost in the pandemic that have still not returned.  The Federal Reserve is likely to remain accommodative for the foreseeable future.  In all, bond yields ticked lower this morning and equity markets are higher in morning trading. 

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.