Economics Group: Weekly Economic & Financial Commentary
FOMC Meeting Does Little to Change Our Outlook
- The Fed lowered its projections for GDP and unemployment slightly, but left a “considerable time” between ending its asset purchase program and its first rate hike, which we still expect in Q2 2015.
- Industrial production weakened in August, but much of the decline can be blamed on volatility in the auto sector. Otherwise, the factory sector remains solid, with regional PMIs coming in strong for September.
- Residential construction has been slow to improve, but homebuilder sentiment is gaining ground, which bodes well for new home sales out next week.
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