Daily Market Update 8/31/17

Rates held steady Thursday ahead of tomorrow’s key employment data for August.  This morning, the July core PCE price index, one of the Fed’s preferred measures of inflation, rose 0.1%, matching forecast, and was 1.4% higher year-over-year.  The Fed’s target rate for inflation is 2.0%.  July Personal Income rose 0.4%, slightly above expectations.  The National Association of Realtors reported July Pending Home Sales fell 0.8%, well below the consensus forecast for an increase of 0.5%.  This was the third monthly sales decline in the past four months.  Severe shortage of inventory remains a problem for the industry.  No other key data will be released today.  The closely-watched Employment Report for August will be released tomorrow at 8:30 AM.

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