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The Morning View: October 29, 2020

In this morning’s data, the first reading on GDP for the third quarter came in at an annualized rate of 33.1%, higher than estimates. Personal Consumption was strong while Business Spending was a bit weaker than expected.  In addition, Initial Jobless Claims were 751,000 for the week ending 10/24, less than expected and lower than the previous week.  Continuing claims were 7,756,000 for the week ending 10/17 also a bit lower than expected.  Overall, the increase in GDP in the third quarter was strong but remains negative for the year given the large decreases seen earlier in 2020.  In addition, jobless claims continue their positive trend lower, but are still elevated and will take additional time to normalize.  Given the colder weather and increasing COVID-19 case levels, uncertainty remains top of mind as we head into the final days ahead of the election.  In all, bond yields are little changed and equity futures just turned 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.