Economic Update

Video Transcript:

Hi everyone I hope this message finds you doing well just wanted to provide a quick update on the markets and some economic news that's come out recently as I stated in my last update we saw in the feds minutes that they would likely be tapering their bond purchases in starting in November the fomc meeting happened just a few days ago and indeed the FED has announced that they are going to begin tapering of bond purchases in November it consists of 10 billion dollars a month in purchases of treasuries and five billion dollars last in their purchases of mortgage-backed Securities no one was surprised there wasn't a lot of volatility unlike the taper tantrum as we like to call it in the industry the last time the FED taper their bond purchasing it did a much better job at informing the public of this or that not as much as volatility around this event as some were predicting other updates in the market consumer sentiment the University of Michigan study came out and for the first time in months consumer sentiment has increased we saw that number steadily coming down to be determined what happens without going into the holiday season however consumer spending is roughly 70 + percent of the US economy and so the consumers feeling better certainly a positive sign going into the holiday season retail spending season that we're coming in to last week Josh we saw the October jobs numbers recently come out 500000 + jobs were added in the month of October a nice increase over the jobs reports that we seen over the last few months previous to this report so again signs that the economy is improving and consumer sentiment being up as well certainly helps if you got questions about there or what I have a deeper conversation as relates to you or your portfolio or any concerns that you have feel free to reach out to us through social media on our website instrumental.com schedule some time with one of our advisors we'd love to have a deeper conversation with you around us thanks and have a great day.