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IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Steigerwald, Gordon & Koch, Inc.), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Steigerwald, Gordon & Koch, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Steigerwald, Gordon & Koch, Inc. is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Steigerwald, Gordon & Koch, Inc.’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Steigerwald, Gordon & Koch, Inc. does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Steigerwald, Gordon & Koch, Inc.’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Health Care Reform Vote Next Week

 
With the Senate releasing its own health care reform plan yesterday, markets were turning their attention to the possible outcomes.  Before we touch on that subject, there were some economic releases this week to note.  According to the National Association of Realtors, existing home sales rose 1.1% in May to a 5.62 million annualized rate.  That was in-line with the consensus estimate and slightly above the revised 5.56 million the prior month.  The median sales price rose 5.8% year-over-year as the inventory of available properties fell 8.4% from May 2016, the 24th straight year-over-year decline in supply.  Mortgage rates are near historically low levels and with wages steadily increasing that has created a sellers’ market for homes especially with inventory shortages.  With construction starts for new homes down three consecutive months and permits at a one-year low in May, the odds of increased supply are low.  Today, government data on new home sales showed similar strength.  Sales for May rose 2.9% with the median sales price up nearly 17% to a record $345,800.  New home sales account for approximately 10% of the market and are tabulated when contracts are signed, in contrast to existing home sales which are totaled when the transaction closes.  Though April’s reading was revised to a 593,000 pace from the previously reported 569,000, the pace of sales remains at less than half the peak seen in 2005.  Thus, there is little sign of an overheated market even with the big gains.  Despite the slight uptick in initial jobless claims, market watchers are anticipating a solid result in nonfarm payrolls for June when the data is released at the end of the first week in July.  These signs were a reason why the Fed raised rates earlier this month even though general price measures like the personal consumption expenditures annual figure remain below the 2% level Fed Chairwoman Yellen & Co. are seeking.  Even though the Fed governors are looking for another hike before year-end based on their economic outlook, the futures market is not agreeing with that viewpoint.  Only at the December meeting are the odds of a rate hike even close to even, with a probability of 43%.  There are plenty more data points to analyze so it is far too early to tell which camp will end up being right by the time the year comes to a close.


INDEX
  • Health Care Reform Vote Next Week
  • Fed Raises Rates as Expected
  • All Eyes On Fed Interest Rate Decision Next Week
  • Markets Set New Records
  • OPEC Meets as Markets Hover Near Records
  • Stocks Retreat, Bonds Rally on Concerns Administration's Pro-Growth Agenda will be Delayed
  • Economy Chugs Along as Earnings Season Slows
  • Fed Keeps Rates on Hold as Slowdown in Growth Deemed Temporary
  • Tax Reforms Released as Earnings Season Continues
  • All Eyes On Europe as Earnings Season Kicks into Gear
  • Earnings Season Begins
  • Payrolls Affected by Storm
  • Steigerwald, Gordon & Koch Weekly Blog 3/31/2017
  • Markets Chug Along
  • No Surprise: Fed Raises Rates
  • Jobs Galore
  • Fed Governors Send Strong Signal March Rate Hike Likely
  • Fed's Next Move in Focus
  • Steigerwald, Gordon & Koch Weekly Blog 2/17/2017
  • Earnings Season Continues
  • SGK Weekly Blog 2/3/2017
  • Earnings Season in Full Swing as Dow Hits 20000
  • Earnings Get Off to a Solid Start as the Economy Continues to Chug Along
  • Earnings Season Begins
  • SGK Weekly Blog 1/6/2017
  • Markets Book Eighth Consecutive Year of Gains
  • SGK Weekly Blog Dec. 23, 2016 - Happy Holidays!!
  • Fed Raises Rates and Markets Shoot Higher
  • SGK Blog--Update November 23, 2016: Happy Thanksgiving from All of Us at SGK Wealth Advisors!!