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The Morning View: October 20, 2020

Announced this morning, Housing Starts were 1,415,000 in September, an increase of 1.9% which is slightly less than expected. Building Permits were 1,553,000 in September, up 5.2%, which is higher than estimates. Overall, these figures indicate the housing market is maintaining its strength, especially with Building Permits, as we continue through the impact of COVID-19. With interest rates at extremely low levels, it promotes mortgage activity and accepting lines of credit for home projects. In addition, the housing market helps to support other industries, such as manufacturing which has exhibited strength in recent months as well. In all, with reports this morning of progress on another round of fiscal stimulus bond yields have ticked higher and equity futures are also 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.