Hurricane Harvey made land in Texas as a category four on Friday evening making it the strongest storm of its kind in over a decade. Mario Draghi spoke in Wyoming at the Jackson Hole conference which has had major effects on markets in the past but did not do the same this year, as policy talks were not out of the ordinary. The domestic administration will be turning its focus toward tax reform, the debt ceiling and spending measures to keep the government running by September 30. Purchasing managers indices measured and released by Markit continue to show the global economy is recovering.
Domestic large and small company stocks moved a little higher this week while they were outpaced for the most part by their foreign counterparts. Emerging market stocks continue to beat other equites in 2017 with a strong near 3% weekly return and 25% YTD return. Treasury yields have mostly fallen compared to a month ago raising fixed income returns slightly. The Euro moved to its highest level against the dollar in two and a half years after comments from the ECB president this week did not reflect concern over the currency’s recent rise. Commodities were little changed even with oil and golds moves higher.
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