Stronger-than-expected durable goods orders, consumer sentiment and job openings numbers combined with tepid inflation numbers overcame larger-than-expected jobless claims and disappointing industrial production numbers and helped push commodity and U.S. stock markets higher.
Uncertainty over the completion of a U.S. –China trade agreement and weak economic numbers from the U.S., EU and China pushed most commodity prices and the U.S. stock markets lower last week.
Vacillating expectations of a US-China trade agreement and a combination of Fed Chairman Jerome Powell’s congressional comments and mixed U.S. economic reports left U.S stock markets and the U.S dollar little changed on the week.
Increasing expectations of a U.S.-China trade agreement and growing conviction the U.S. Federal Reserve Bank won’t raise rates this year helped move commodity and stock markets higher last week.
Markedly lower European Union growth forecasts combined with reduced expectations of a US-China trade agreement before March 1st moved the U.S. dollar higher and commodity prices lower last week.
The FOMC 2-day meeting ended on Wednesday with the U.S. Federal Reserve Bank leaving the Fed Funds target rate unchanged and indicating it would adopt a patient and more flexible stance on monetary policy going forward.