Economic Commentary

ECONOMY AND POLICY July 31, 2020 Chief Economist Scott Brown discusses the latest market data. Real GDP fell 9.5% in 2Q20 (a -32.9% annual rate), by far the steepest decline on record. Weakness was broad-based, but especially pronounced in consumer services, transportation equipment, and energy exploration. Personal income figures were mixed in June, but spending […]

ECONOMY AND POLICY July 24, 2020 Chief Economist Scott Brown discusses the latest market data. Next week, the economic calendar picks up. The Federal Open Market Committee (FOMC) is expected to leave monetary policy unchanged. Officials won’t release revised economic projections until the mid-September FOMC meeting, but Chair Powell will provide an assessment of current […]

ECONOMY AND POLICY July 17, 2020 Chief Economist Scott Brown discusses current economic conditions. The pandemic had a significant impact on household spending in March and April, with a sharp contraction in consumer services (basically anything where people come into close contact with each other). The relaxation of social distancing guidelines has contributed to a […]

ECONOMY AND POLICY July 17, 2020 Chief Economist Scott Brown discusses the latest market data. The mid-month economic data reports were consistent with a strong but partial rebound from pandemic-related weakness. However, COVID-19 cases continued to rise, creating more risk for the economic outlook. Stock market action was mixed as earnings reports began to arrive. […]