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RATES FALL AGAIN ON NEGATIVE ECONOMIC DATA
Interest rates fell slightly again this week on continued negative economic data. October Wholesale Inventories and weekly jobless claims were much weaker than expected. November Retail Sales fell 1.8%. Excluding automobile sales, Retail Sales were down 1.6%. The November Producer Price Index (PPI) fell 2.2% on expectations that it would fall 1.8%.
Excluding the food and energy components, core PPI increased 0.1%. November import prices fell 1.8% and export prices fell 2.9%. China’s November Exports fell 2.2% year over year, its first year over year decline in seven years. At next weeks FOMC meeting the markets increasingly expect the Fed to cut the Fed Funds rate by 75 basis points to a rate of 0.25%.
Other news of note includes the auto bailout plan, which has stalled in the Senate. The Dow Jones Industrial Average is currently at 8,575, down about 60 points on the week. Crude oil futures are currently trading at $44.83 per barrel, up about $3 per barrel on the week. The US Dollar lost ground versus both the Euro and Yen.
Next week look toward Mondays Industrial Production, Tuesdays FOMC Announcement, Consumer Price Index (CPI), and Housing Starts as potential market moving events.