Montgomery County Parks and Recreation wins National Award for Rotary Park’s Accessible Trail addition

Montgomery County, TN – The Montgomery County Parks and Recreation Department was recently nationally recognized by the Coalition for Recreational Trails (CRT) with an award for the Rotary Park Phase II Accessible Trail.

Nine trail projects from across the country were chosen by the CRT as recipients of its Tom Petri Annual Achievement Awards. This award is in recognition for their outstanding use of Recreational Trails Program (RTP) funds.

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of February 22nd, 2015

Clarksville, TN – The minutes of the January 27th-28th Federal Open Market Committee meeting showed officials continuing to make preparations for policy normalization.

There was some debate about the risks of moving either too late or too soon. “Several” Fed officials feared that waiting too long to raise rates would risk higher inflation, but “many” (which in Fedspeak, is more than “several”) worried that a premature increase in rates could dampen the economic recovery and leave the Fed with limited options to correct course.

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of August 3rd, 2014

Clarksville, TN – As was widely anticipated, the Federal Open Market Committee tapered another $10 billion from the monthly pace of asset purchases (now at $25 billion, with the program on track to be completed at the end of October).

The Fed provided no additional guidance on short-term interest rates, but repeated that the federal funds rate target would likely remain exceptionally low for “a considerable period” after the asset purchase program ends and that economic conditions will likely warrant a below-normal federal funds rate even as the Fed nears its employment and inflation goals.

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of July 27th, 2014

Clarksville, TN – The economic data were mixed. New home sales were much weaker than expected in June, with a sharp downward revision to May (March and April figures were also revised lower) – however, these figures are reported with an enormous level of uncertainty.

Existing home sales improved, with a further increase in the number of homes for sale. Durable goods orders rose moderately, but details showed a lackluster trend in shipments of nondefense capital goods. The Consumer Price Index rose 0.3% (+2.1% y/y), inflated partly by the seasonal adjustment for gasoline (which rose 0.3% before adjustment and +3.3% after adjustment). Ex-food & energy, the CPI edged up 0.1% (+2.0% y/y).

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of July 20th, 2014

Clarksville, TN – The retail sales and industrial production reports had similar stories – gains in June were disappointing relative to expectations, but figures for April and May were revised higher. These data (which are subject to revision) are consistent with a sharp rebound in economic activity in 2Q14 (following weather–related weakness in 1Q14), but also suggest some loss of momentum heading towards 3Q14.

The Producer Price Index and import price reports showed no appreciable pipeline pressures for inflation.

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of March 16th, 2014

Clarksville, TN – Next week, the focus will be on the Fed’s policy decision and Janet Yellen’s first press briefing as Fed chair. The Federal Open Market Committee is expected to taper the monthly pace of asset purchases by another $10 billion (to $55 billion).

Policymakers are also expected to tweak the language of the forward guidance (the Fed’s conditional commitment to keep the overnight lending rate exceptionally low). Specifically, we can expect the FOMC to discard the 6.5% unemployment rate threshold.

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of March 9th, 2014

Clarksville, TN – There was plenty of fresh economic data, but most of it was distorted by the weather (which can have different effects depending on which areas of the country get hit).

Nonfarm payrolls rose by 175,000 in the initial estimate for February (median forecast: +150,000, although market participants were likely braced for about +130,000). Figures for December and January were revised a net 25,000 higher.

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of March 2nd, 2014

Clarksville, TN – There were relatively few surprises in the economic data reports. Real GDP rose at a 2.5% annual rate in the 2nd estimate for 4Q13 (vs. +3.2% in the advance estimate).

Consumer spending was not as strong as estimated earlier, but was still respectable (a +2.6% pace, vs. +3.3%). Business fixed investment was revised higher (+7.3%, vs. +3.8%).

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of February 23rd, 2014

Clarksville, TN – Poor weather continued to have an impact on the economic data. Residential construction and existing home sales fell more than anticipated in January. However, financial market participants seemed to be more willing to dismiss bad economic numbers (as being due to the weather) – U.S. markets also ignored turmoil in the Ukraine.

The CPI rose modestly in January, continuing a low trend. The new and improved Producer Price Report suggested relatively modest pipeline inflation pressures.

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Clarksville Weekly Market Snapshot from Frazier Allen for the week of February 16th, 2014

Clarksville, TN – In her first monetary policy testimony to Congress, Fed Chair Janet Yellen appeared calm, confident, and in charge.

She pledged continuity in monetary policy and regulatory reform. While “not on a preset path,” the monthly pace of asset purchases will likely be reduced “in further measured steps at future meetings” (which is widely interpreted as -$10 billion per Fed policy meeting).

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