Wells Fargo Weekly Economic & Financial Commentary – September 18, 2015

Failure to Launch ·

• The Federal Reserve left the federal funds target rate unchanged at its September FOMC meeting, but lowered its forward guidance for the next few years and long term. ·

• Retail sales rose solidly during August, even though lower gasoline prices held down overall outlays. ·

• Industrial production weakened during August, and both the New York Fed and Philadelphia Fed manufacturing surveys weakened further in September. ·

• Housing starts fell in August but builder confidence rose to a cycle high in September, which suggests the recovery remains intact.