Weekly Market Update
2019 MONETARY POLICY LOOKS LESS CERTAIN AS NOVEMBER READS CONTINUE TO BE RELEASED
Thursday, December 13, 2018
Many expect that the Federal Reserve will raise short-term interest rates at its meeting next week. However, in light of various economic concerns, the hikes expected next year do not seem as certain to some. While the Producer Price Index showed a seasonally adjusted 0.1% growth in November, another indicator of inflation, the personal consumption expenditures index has remained steady since September. These factors, coupled with Wednesday's announcement that the November Consumer Price Index was flat despite continued low employment and rising wages, have some analysts thinking that President Trump's skepticism around recent Fed actions wasn't unwarranted. Economists don't sense an immediate economic decline on the horizon, but in a recent poll conducted by Duke University, 82% of the 212 CFOs surveyed believe a recession is likely by the end of 2020.
In Other News
- Brodiaea, a wholly owned subsidiary of Harvard University, is reportedly purchasing vineyards and related water rights in California, anticipating increased land value.
- The city of San Francisco was gifted $6.1 million by Salesforce chairman and co-CEO Marc Benioff and his wife to preserve and convert a hotel into affordable housing units for the homeless.
- The Lynde and Harry Foundation, a philanthropic organization in Milwaukee, announced that it had distributed over $12 million in grants to various organizations within the city and across the state that support art, culture, education, health, and political causes.
- Lurie Children's Hospital of Chicago, NorthShore University HealthSystem, Rush University Medical Center, and University of Chicago Medicine have teamed up and launched the Medical Assistant Pathway Program to promote employee career-advancement and fill high-demand medical assistant jobs.
- The interim president of the University of Tennessee is seeking to promote accountability and transparency through his initiative, "Transparent UT," which will make frequently requested information, including contracts and salary, publicly available.