28 Jan 2019

Weekly Economic Update for January 28, 2019

Randy C. Benning, CFP Presents:

HOME SALES QUICKLY FALTER

Seldom do existing home sales fall 6.4% in a month, but that was what happened in December. National Association of Realtors economist Laurence Yun called the drop a reflection of “consumer search processes and contract signing activity in previous months when mortgage rates were higher than today,” and noted that the housing market could be poised for a spring rebound. Year-over-year, the NAR noted, resales were down 10.3%. The median existing home sale price was $253,600 last month, up 2.9% from December 2017.1

IS A SUNSET COMING FOR THE FED’S BALANCE SHEET RUNOFF?

On Friday, the Wall Street Journal stated that Federal Reserve policymakers are reportedly considering an end date for the unwinding of the central bank’s huge bond portfolio. Investors will, no doubt, scrutinize the Federal Open Market Committee’s January 30 monetary policy statement for any intimations about this. In gradually shrinking its balance sheet over the last 15 months, the Fed has affected the level of liquidity within the financial markets.2

LEADING INDICATORS RETREAT

The Conference Board’s monthly index of leading indicators descended a tenth of a point in December. A month earlier, the gauge rose 0.2%. In a note accompanying the release of the data, the CB said this might be a hint that the economy may “decelerate towards 2% growth by the end of 2019.”3

A SHORT AND POSITIVE WEEK ON WALL STREET

All three major U.S. equity benchmarks posted slight gains this past 4-day trading week, adding to the extended rally that began after Christmas. At Friday’s close, the S&P 500 was up 7.20% month-over-month, and the Dow Jones Industrial Average was on a 5-week winning streak. Friday’s sudden agreement between President Trump and Democratic congressional leaders to end the partial federal government shutdown was but one positive factor influencing stocks. Some key earnings announcements surprised to the upside: China’s government said that it would inject $37 billion worth of liquidity into its money markets, and investors heard that the Fed might be thinking of wrapping up the unwinding of its balance sheet sooner rather than later.4,5

T I P O F T H E W E E K
At most businesses, sales and revenue ebb and flow across the year. Some astute short-term budgeting may help your business better manage the lean times. Start with a list of your essential, month-to-month costs, and see if you can plan to reduce any extra costs during the slow months.

THIS WEEK

The Internal Revenue Service begins accepting 2018 individual tax returns on Monday; on Wall Street, investors respond to Q4 results from Caterpillar, Celanese, and Whirlpool. | Tuesday, the Conference Board releases its January consumer confidence index, and 3M, AMD, Allergan, Amgen, Apple, Biogen, Corning, eBay, Harley-Davidson, Lockheed Martin, Nucor, Pfizer, Pulte Group, Regis Corp., Rockwell Automation, Verizon, and Xerox announce earnings. | The Federal Reserve issues its latest policy statement on Wednesday, with a press conference afterward; ADP presents its January payrolls report, the NAR offers its latest pending home sales index, and the earnings roll call includes Alibaba, Ally Financial, Ameriprise Financial, Anthem, AT&T, Avery Dennison, Boeing, Facebook, General Dynamics, McDonalds, Microsoft, Mondelez International, PayPal, Qualcomm, Royal Caribbean, Siemens, Sirius XM, Tesla, U.S. Steel, and Visa. | On Thursday, December consumer spending numbers are out along with earnings from Aflac, Altria Group, Amazon, Celgene, Charter Communications, ConocoPhillips, DowDuPont, GE, Mastercard, Nokia, Northrop Grumman, Parker Hannifin, Raytheon, Royal Dutch Shell, Sherwin-Williams, Sprint, Symantec, UPS, and Valero Energy. | Friday, Wall Street interprets January jobs data, the final January University of Michigan consumer sentiment index, ISM’s newest manufacturing PMI, and earnings from Aon, Chevron, Cigna, ExxonMobil, Honda, Honeywell International, Merck, Sony, and Weyerhaeuser.

Q U O T E O F T H E W E E K

“Success is really about being ready for the good opportunities that come before you.”

ERIC SCHMIDT

MARKET INDEX	CLOSE	WEEK	Y-T-D
DJIA	24,737.20	+0.80	+6.04
NASDAQ	7,164.86	+0.81	+7.98
S&P 500	2,664.76	+0.58	+6.30

TREASURY	CLOSE	WEEK	Y-T-D
10 YEAR NOTE	2.76	-0.03	+0.07

Randy C. Benning, CFP®, President, License # 0816882, Benning Financial Group, LLC. Investment Advisory Services offered through Benning Financial Group, LLC, A Registered Investment Advisor, Benning Financial Group, LLC

Sources: wsj.com, investopedia.com, treasury.gov – 1/25/195,6,7,8

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends. Weekly and year-to-date market index returns are expressed as percentages. 10-year Treasury note yield = projected return on investment, expressed as a percentage, on the U.S. government’s 10-year bond. Weekly and year-to-date 10-year Treasury note yield differences are expressed in basis points.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. The information herein has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All market indices discussed are unmanaged and are not illustrative of any particular investment. Indices do not incur management fees, costs, or expenses. Investors cannot invest directly in indices. All economic and performance data is historical and not indicative of future results. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is a market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. MarketingPro, Inc. is not affiliated with any person or firm that may be providing this information to you. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

CITATIONS:

1 – bankingjournal.aba.com/2019/01/existing-home-sales-dipped-6-4-percent-in-december/ [1/22/19]

2 – cnbc.com/2019/01/25/fed-reportedly-moving-closer-to-ending-balance-sheet-reduction.html [1/25/19]

3 – reuters.com/article/us-usa-economy-unemployment/us-weekly-jobless-claims-lowest-since-1969-idUSKCN1PI1SM [1/24/19]

4 – marketwatch.com/story/us-stock-futures-point-to-another-upbeat-day-for-wall-street-led-by-techs-2019-01-25 [1/25/19]

5 – markets.wsj.com [1/25/19]

6 – investopedia.com/markets [1/25/19]

7 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield [1/25/19]

8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldAll [1/25/19]

22 Jan 2019

Weekly Economic Update for January 21, 2019

by code204 | in Economic Update, News

Randy C. Benning, CFP Presents:

CONSUMER SENTIMENT HITS A 2-YEAR LOW

Analysts surveyed by MarketWatch thought the University of Michigan’s preliminary January consumer sentiment index would display a reading of 97.5. Instead, it came in at just 90.7, dropping 7.6 points from its final December mark to its lowest level since October 2016. Richard Curtin, the economist who has long overseen the university’s survey, attributed the slip not only to households reacting to the partial federal government shutdown, but also to “the impact of tariffs, instabilities in financial markets, the global slowdown and the lack of clarity about monetary policies.”1

HINTS OF A THAW IN U.S.-CHINA TRADE NEGOTIATIONS

Investors were encouraged Friday by news that China had offered a plan to reduce its trade surplus with the U.S. from more than $320 billion to $0 by 2024. The concept, first presented to U.S. trade officials earlier this month, would involve China buying $45 billion more in U.S. goods this year and incrementally more in the five years to follow. Whether the strategy would work is questionable, as America’s strong ongoing demand for Chinese products is arguably the biggest factor in the trade imbalance. Nevertheless, stocks rallied after the news. A day earlier, a Wall Street Journal story noted that U.S. officials were considering easing current tariffs on Chinese imports in exchange for such concessions.2,3

OIL RISES 4.3% IN A WEEK

As a result of that gain, WTI crude was worth $53.80 per barrel on the New York Mercantile Exchange at Friday’s close. The latest developments in U.S.-China trade negotiations and the sharpest weekly pullback in the U.S. rig count since 2016 helped to push the price higher.3

AN EARLY EARNINGS SCORECARD

Through Friday, 11% of S&P 500 firms had reported Q4 results. Seventy-six percent of those companies reported actual earnings-per-share exceeding projections, and 56% beat revenue estimates. As the trading week ended, stock market analytics firm FactSet projected year-over-year earnings growth of 10.6% for all S&P constituents for Q4. While this would represent a fifth consecutive quarter of double-digit improvement, such an advance would be the smallest since Q4 2017. Last week, all three major U.S. equity indices rose; you will find their weekly and YTD performances below, along with last Friday’s settlements.4

T I P O F T H E W E E K
Most loan payments are scheduled monthly, but if you cut a monthly payment in half and pay it every two weeks, there will be two months per year when you make three payments instead of two. This can help you make 13 months of payments in 12, so you can pay down a loan more quickly.

THIS WEEK

U.S. financial markets are closed Monday as the nation observes Martin Luther King, Jr. Day. | Capital One, Fifth Third, GATX, Halliburton, IBM, Johnson & Johnson, TD Ameritrade, Travelers Companies, UBS Group, Union Bank, and Zions Bancorp report earnings Tuesday, and investors also consider December existing home sales figures. | Wednesday’s earnings parade includes Abbott Labs, Comcast, Ford Motor Co., Kimberly-Clark, Northern Trust, Procter & Gamble, and Texas Instruments. | Firms reporting Thursday include Alaska Air, American Airlines, Bristol-Myers, Discover, Freeport McMoRan, Intel, JetBlue, Norfolk Southern, Starbucks, Union Pacific, and Western Digital; beyond the earnings news, a new initial claims report and the Conference Board’s latest index of leading indicators emerge. | AbbVie, Colgate-Palmolive, D.R. Horton, and NextEra Energy announce earnings Friday; data on December new home sales and durable goods orders may be released if the partial federal government shutdown ends.

Q U O T E O F T H E W E E K

“Always seek out the seed of triumph in every adversity.”

OG MANDINO

MARKET INDEX	CLOSE	WEEK	Y-T-D
DJIA	24,706.35	+2.96	+5.91
NASDAQ	7,157.23	+2.66	+7.87
S&P 500	2,670.71	+2.87	+6.54

TREASURY	CLOSE	WEEK	Y-T-D
10 YEAR NOTE	2.75	+0.04	+0.06

Sources: wsj.com, treasury.gov – 1/18/195,6,7

14 Jan 2019

Weekly Economic Update for January 14, 2019

by code204 | in Economic Update, News

Randy C. Benning, CFP Presents:

FOR THE FIRST TIME SINCE MARCH, INFLATION RETREATS

December brought a 0.1% decline in the Consumer Price Index, the first in nine months. As in November, cheaper gasoline was a factor: gas prices took a 7.5% monthly fall. The CPI advanced 1.9% across 2018. The core CPI, which excludes food and energy costs, rose 0.2% in December for a third consecutive month and gained 2.2% for the year. In short, yearly inflation is back in the vicinity of the Federal Reserve’s 2.0% target.1

SERVICE SECTOR GROWTH RATE SLOWS

The Institute for Supply Management said that its purchasing manager index service, tracking industry activity, descended to 57.6 in December, paralleling the dip of its factory sector PMI. While the decrease of 3.1 points was a disappointment, the new orders sub-index did rise slightly to 62.7, and the service sector expanded for the 107th straight month.2

OIL RECORDS ITS LONGEST DAILY WINNING STREAK IN 9 YEARS

Crude oil futures are no longer scraping near 52-week lows. WTI crude settled at $51.59 on the New York Mercantile Exchange at Friday’s close, up 7.6% for the week. A down day on Friday broke a 9-session streak of advances for the commodity, the longest seen since January 2010.3

BENCHMARKS RISE ON THE EVE OF EARNINGS SEASON

Investors were encouraged by hints of progress in U.S.-China trade negotiations last week and seemed unruffled by the ongoing shutdown of parts of the federal government. Across five trading days, all three major Wall Street equity indices rose 2.4% or more, and both the S&P 500 and Dow Jones Industrial Average exited correction territory with the fourth-quarter reporting season just ahead. (See the table within this Weekly Economic Update for their Friday closes as well as weekly and YTD performances.)4

T I P O F T H E W E E K
Many people sign up for credit cards without looking at their interest rates and terms. Be sure to read the fine print when applying for a card.

THIS WEEK

A new earnings season starts Monday as Citigroup presents Q4 results. | JPMorgan Chase, UnitedHealth Group, and Wells Fargo report earnings on Tuesday, and the December Producer Price Index also emerges. | Wednesday, Alcoa, Bank of America, BNY Mellon, Blackrock, Comerica, CSX, Goldman Sachs, PNC Financial Services Group, and U.S. Bancorp announce earnings, the Federal Reserve publishes a new Beige Book, and data on December retail sales arrives. | Thursday, earnings roll in from American Express, BB&T, KeyCorp, and Netflix; in addition, investors will consider a Census Bureau report on December housing starts and the latest initial jobless claims figures. | Regions Financial, Schlumberger, and SunTrust Bank offer earnings Friday, which is also when the University of Michigan provides its preliminary January consumer sentiment index.

Q U O T E O F T H E W E E K

“Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.”

STEVE JOBS

MARKET INDEX	CLOSE	WEEK	Y-T-D
DJIA	23,995.95	+2.40	+2.87
NASDAQ	6,971.48	+3.45	+5.07
S&P 500	2,596.26	+2.54	+3.57

TREASURY	CLOSE	WEEK	Y-T-D
10 YEAR NOTE	2.71	-0.04	+0.02

Sources: wsj.com, treasury.gov – 1/11/195,6,7

CITATIONS:

1 – cnbc.com/2019/01/10/consumer-price-index-december-2018.html [1/11/19]

2 – dailyfx.com/forex/market_alert/2019/01/07/ISM-Services-Index-Dec-2018.html [1/7/19]

3 – marketwatch.com/story/us-oil-prices-end-lower-to-snap-9-session-streak-of-gains-2019-01-11 [1/11/19]

4 – marketwatch.com/story/stock-market-ends-session-flat-but-books-weekly-gains-as-government-shutdown-approaches-a-record-2019-01-11 [1/11/19]

5 – markets.wsj.com/ [1/11/19]

6 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield [1/11/19]

7 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldAll [1/11/19]

08 Jan 2019

Weekly Economic Update for January 7, 2019

by code204 | in Economic Update, News

Randy C. Benning, CFP Presents:

2018 ENDED WITH A HIRING SURGE

The latest Department of Labor jobs report suggests an economy with plenty of forward momentum. Employers added 312,000 net new jobs in December, the most in ten months. The main jobless rate rose 0.2% to 3.9% as more Americans entered the labor force; the U-6 rate, measuring underemployment, held at 7.6%. Last month, wages were improving at a rate of 3.2% per year, an increase of 0.1% from the prior report. November’s job gain was revised up to 176,000 from the previously reported 155,000.1

KEY MANUFACTURING INDEX DECLINES

In December, the Institute for Supply Management’s purchasing manager index, tracking business activity among the nation’s factories, dipped to 54.1. This reading indicates healthy expansion for the sector; on the other hand, this was the index’s lowest level in 25 months. It was at 59.3 in November.2

OIL HAD A WINNING WEEK

WTI crude just snapped a 3-week losing streak. Futures settled at $47.96 per barrel on the NYMEX, rising 5.8% in four trading days. Some analysts credited the advance to reduced worries about a recession, citing the excellent December hiring numbers and the renewed U.S.-China trade negotiations.3

STOCKS START 2019 IN THE GREEN

Three encouraging developments brought out the bulls at the end of the week. The federal government’s December employment report was one pleasant surprise. Another came when Federal Reserve chair Jerome Powell said that the central bank was amenable to adjusting monetary policy and would be patient about raising rates this year. Lastly, China announced plans to cut taxes and inject money into its banking system, and additionally, discussions on trade issues with the U.S. would resume this week. Friday, the S&P 500 climbed 3.43% to advance 1.00% on the new year to 2,531.94. The Nasdaq added 1.56% for the week to reach 6,738.86 at Friday’s close; the Dow Industrials, 0.45%, to settle at 23,433.16.4,5

T I P O F T H E W E E K
Some business owners put off buying insurance because they believe the coverage will be too costly. Having some insurance is better than none. A small business can insure itself with coverage at relatively low limits to start, and then, increase them as time passes.

THIS WEEK

U.S. and Chinese diplomats sit down for further trade discussions in Beijing on Monday; stateside, ISM releases its December non-manufacturing PMI. | On Tuesday, U.S.-China trade meetings conclude, with Wall Street hoping for progress. | The Federal Reserve presents the minutes from its December policy meeting Wednesday; in addition, Bed Bath & Beyond, Constellation Brands, KB Home, and Lennar host earnings calls. | Fed chair Jerome Powell reflects on the economy and monetary policy at the Economic Club of Washington, D.C., on Thursday afternoon, and Fed vice chair Richard Clarida delivers a speech on the same topics in New York City Thursday night. | Friday brings December inflation data from the federal government and quarterly results from Infosys.

Q U O T E O F T H E W E E K

“Defer not till tomorrow to be wise, tomorrow’s sun to thee may never rise.”

WILLIAM CONGREVE

MARKET INDEX	Y-T-D CHG	1-MO CHG	1-YR CHG
DJIA	0.45	-3.92	-6.55
NASDAQ	1.56	-3.31	-4.79
S&P 500	1.00	-3.84	-7.05

YIELD	1/4 RATE	1 MO AGO	1 YR AGO
10 YR TIPS	2.67	2.91	2.46

Sources: wsj.com, bigcharts.com, treasury.gov – 1/4/195,6,7,8

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends. 10-year TIPS yield = projected return on investment, expressed as a percentage, on the U.S. government’s 10-year bond.

CITATIONS:

1 – reuters.com/article/us-usa-economy-instant-view/instant-view-us-december-payrolls-surprise-big-to-the-upside-idUSKCN1OY18F [1/4/19]

2 – instituteforsupplymanagement.org/ismreport/mfgrob.cfm?SSO=1 [1/3/19]

3 – marketwatch.com/story/oil-prices-headed-for-5th-straight-advance-2019-01-04 [1/4/19]

4 – foxbusiness.com/markets/stocks-climb-on-big-jobs-report-beat-positive-news-on-chinas-economy [1/4/19]

5 – markets.wsj.com/ [1/4/19]

6 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=1%2F4%2F18&x=0&y=0 [1/4/19]

6 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=1%2F4%2F18&x=0&y=0 [1/4/19]

6 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=1%2F4%2F18&x=0&y=0 [1/4/19]

7 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield [1/4/19]
8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldAll [1/4/19]

04 Jan 2019

Weekly Economic Update for December 31, 2018

by code204 | in Economic Update, News

Randy C. Benning, CFP Presents:

YEAR-END SPECIAL EDITION: A LOOK BACK AT 2018

The close of the year provides an opportunity for investors to step back and consider the wider financial landscape. This week, we’re reviewing some key issues that defined 2018, as well as some factors that may influence financial markets in the coming year.

YEAR IN REVIEW
Wall Street began 2018 in rally mode, as enthusiasm for the 2017 Tax Cuts and Jobs Act spilled over into the New Year. Strong economic news encouraged investors, who put aside fears that rising inflation may lead to higher interest rates. What Wall Street did not see coming were the spring and summer trade disputes with China, Canada, Mexico, and the European Union. Fear of a global economic slowdown contributed to a sharp decline in stock prices in October. U.S. economic growth forecasts were tempered in November for 2019, with bulls and bears engaged in a fierce tug-of-war as the year came to a close.1

ECONOMIC GROWTH
After expanding at a middling 2.2% pace in the first quarter, the Gross Domestic Product (GDP) rose 4.2% in Q2 and 3.5% in Q3. The Federal Reserve Bank of Atlanta forecast a 2.8% increase for Q4, which will be released on January 30, 2019 by the Bureau of Economic Analysis. The Congressional Budget Office expects GDP growth in 2019 to slow to 2.4% “as growth in business investment and government purchases slows.”2,3,4,5

INTEREST RATES
At the close of its September 2018 meeting, the Federal Reserve raised the federal funds rate to 2.25%, a full percentage point higher than it was a year earlier. Federal Reserve Chair Jerome Powell appeared to change his stance on monetary policy, saying interest rates were “just below” a neutral level. Prior to that, he indicated rates were a “long way” from neutral.6

CONSUMER PRICES AND WAGE GROWTH
The number of future interest rate hikes by the Fed may largely depend on its reading of inflation. An uptick in consumer prices or an increase in wage growth may prompt the Fed to consider additional hikes in 2019.6

TRADE TALK PROGRESS
Tariffs were a highlight of 2018 news. On July 10, the Trump administration announced a list of tariffs on $200 billion in Chinese goods. The escalating trade dispute between the U.S. and China is an enormous overhang on the financial markets. The continuing impasse may affect economic growth and push consumer prices higher.7

2018 also was a year in which a major trade pact started to come together. The United States-Mexico-Canada Agreement (USMCA) was approved in principle in October. However, the agreement must be approved by Congress and the legislative bodies of Mexico and Canada before it can take effect.8

U.S. DOLLAR
Rising interest rates and robust domestic growth in 2018 lead to a strengthening of the U.S. dollar. A strong U.S. dollar may negatively affect profits of U.S.-based multinational companies, since it may make their products more expensive to overseas buyers. This will also be something to watch in the coming year.1,2,3

REAL ESTATE
The trend of higher interest rates in 2018 was also felt in the real estate market. The average rate on a 30-year conventional home loan stood at 3.95% in January 2018. At year’s end, it was hovering near 5% according to Freddie Mac.9

We hope you enjoyed this special edition newsletter! Next week, we’ll be back to covering the market numbers. Best wishes to you for a prosperous New Year.

CITATIONS:

1 – cnbc.com/2018/11/20/jp-morgan-sees-a-slowdown-coming-with-economy-growing-at-less-than-2-percent-in-2019.html [11/20/18]

2 – tradingeconomics.com/united-states/gdp-growth [11/6/18]
3 – frbatlanta.org/cqer/research/gdpnow.aspx [12/3/18]

4 – bea.gov/news/schedule [2018]

5 – cnbc.com/2018/08/14/us-economy-seen-strong-in-2018-to-slow-in-2019-cbo.html [8/14/18]

6 – marketwatch.com/story/seemingly-dovish-powell-says-interest-rates-are-just-below-level-where-they-wont-stimulate-economy-2018-11-28 [11/28/18]
7 – cnbc.com/2018/07/10/white-house-releases-list-of-goods-hit-by-200-billion-in-tariffs.html [7/10/18]

8 – businessinsider.com/us-canada-mexico-trade-deal-usmca-nafta-congress-vote-block-2018-10 [10/2/18]

9 – freddiemac.com/pmms/archive.html [11/7/18]