Daily Devotional from Brother Shepherd

Thanksgiving is just a few days away and I thought it would be good if we could read some verses that talk about giving thanks. The 136th Psalms is a giving thanks Psalms. It reads in the KJV, “

16 To him which led his people through the wilderness: for his mercy endureth for ever.

17 To him which smote great kings: for his mercy endureth for ever:

18 And slew famous kings: for his mercy endureth for ever:

19 Sihon king of the Amorites: for his mercy endureth for ever: [Read more]

The Weekly Market Snapshot from Frazier Allen

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

The economic data were mixed, still consistent with a moderate recovery and low inflation. Retail sales rose more than expected in October, led by improvement in vehicle sales. Ex-autos, sales were moderate. Industrial production was flat, but held down by a drop in the output of utilities (a function of moderate temperatures). The Fed’s two major regional manufacturing surveys were mixed (NY down sharply, Philadelphia up sharply). Inflation figures were lower than expected. Ex-food and energy the CPI rose 0.6% in the 12 months ending in October – a record low (the series began in 1957). Alternative measures of core inflation appear to be trending gradually lower.

While the economic data were important, the markets remained focused on the possible consequences of the Fed asset purchase program and, perhaps more importantly, on developments overseas, including troubles with the Irish banks and China’s attempts to cool inflation. Criticism regarding the Fed did not die down, and became more political. [Read more]

The Weekly Market Snapshot from Frazier Allen

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

The economic data calendar was thin. Weekly claims for unemployment insurance benefits fell, but the numbers are normally choppy during this time of year (still, the underlying trend may be edging down due to better seasonal hiring this year). The September trade deficit was a bit narrower than assumed in the advance GDP report. Imports and exports fell sharply during the recession (narrowing the trade deficit considerably) and partly rebounded in the recovery (leading to a resumed widening of the deficit). However, recent figures suggest a flattening in these trends (and perhaps some stabilization in the size of the trade deficit, at least in the near term).

There was much interest ahead of the G-20 meeting (as with any such meeting), but these things always disappoint. The G-20 communiqué suggested no progress on reducing global imbalances or relieving monetary and fiscal policy tensions. The euro weakened on renewed sovereign debt worries (this time focusing mostly on Ireland, where austerity moves have done nothing to instill confidence). [Read more]

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