U.S. Economic News

July 19, 2019

U.S. Economic Indicators

The University of Michigan Consumer Sentiment Index rose 0.2 point to 98.4 in the preliminary July reading and is up 0.5 point from July of last year. The Index of Consumer Expectations rose 0.8 point to 90.1 while the Current Economic Conditions Index fell 0.8 point to 111.1. University of Michigan

U.S. News

The Wall Street Journal reports that St. Louis Fed President James Bullard stated he would support a quarter-percentage-point rate cut at the FOMC’s July meeting but doesn’t believe a larger cut is needed. His statement pushes back against expectations of a more aggressive half-point cut to address concerns surrounding slower global growth, trade uncertainty, and muted inflation. WSJ

According to the Washington Post, more than 50 multinational corporations have announced plans to move manufacturing out of China to avoid U.S. tariffs. As growth hits a 27-year low, Chinese officials have announced a cutback in foreign investment restrictions to mitigate the exodus of foreign businesses. WaPo