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The Morning View: May 28, 2020

Senior Vice President / Portfolio Manager

In this morning’s data, there were 2,123,000 initial jobless claims filed in the week ending May 23rd, about as expected.  There have been over 40 million claims filed in recent weeks due to the COVID-19 pandemic.  Even though many parts of the U.S. are starting to re-open, the number of people that will be re-hired remains in question.  With social distancing measures still in place, such as limitations on capacity at restaurants and other locations, it is likely the labor market will take some time to recover as we work through the phased opening.  Meanwhile, the second reading on GDP in the first quarter 2020 moved slightly lower to -5.0% and the core PCE also moved slightly lower to 1.6%.  Inflation pressures remain low in the current environment but will need to be monitored closely in the future by the Federal Reserve given the amounts of fiscal and monetary stimulus enacted during the pandemic.  In all, bond yields ticked higher and equity futures are mixed 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.