The Independent Market Observer

Sam Millette

Sam Millette is director, fixed income, on the Investment Management and Research team at Commonwealth. With the firm since 2013, he manages the fixed income research team, responds to advisor requests, analyzes individual bonds, and authors market research and commentary. Sam graduated from Tufts University with a degree in economics and is a member of the CFA Society Boston.

Recent Posts

Monday Update (on Tuesday): Personal Spending Beats Expectations in April

May 31, 2022

Last week’s important economic data releases included a look at April’s durable goods orders report and the minutes from the most recent Fed meeting. April’s personal income and spending reports were a highlight, as spending beat expectations for the month. This week’s highlights will include reports on consumer and business confidence and employment in May.

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Monday Update: Retail Sales Growth Continued in April

May 23, 2022

We saw the release of several important economic updates last week. The April retail sales report was a highlight and showed that sales growth came in strong during the month while March’s growth was revised upward. This will be another interesting week for updates, with reports on durable goods orders, the minutes from the most recent Fed meeting, and personal income and spending growth in April.

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Monday Update: Inflation Slowed in April

May 16, 2022

All eyes were on last week’s release of the consumer and producer inflation reports for April. They showed that inflationary pressure moderated during the month following a surge in March, but there is still a lot of work to be done to get rising prices under control. This will be a busy week of economic updates, with reports scheduled that will cover retail sales, industrial production, and the housing sector.

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Monday Update: Hiring Remained Strong in April

May 9, 2022

There were several important economic data releases last week, with reports covering business confidence, international trade, the results from the Fed’s May meeting, and the April employment report. The jobs report was a highlight, as it showed continued strong hiring in April despite the headwinds created by rising labor costs and tighter monetary policy. This will be another busy week of updates, with a focus on the April inflation reports.

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Monday Update: Economy Contracts in the First Quarter

May 2, 2022

Last week was a busy period for economic updates, with several important data releases that covered wide areas of the economy. The advanced estimate for first-quarter GDP growth showed that the economy surprisingly contracted to start the year, but the underlying data had some positive signs for growth ahead. This will be another busy week of updates, with highlights including business confidence, international trade, the results from the Fed’s May meeting, and the April employment report.

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Monday Update: New Home Construction Accelerates

April 25, 2022

There were several housing-related economic data releases last week. The reports showed that the pace of new home construction continued to improve in March, driven by long builder backlogs and a lack of existing homes for sale. This will be another busy week of updates, with reports that will touch on business spending, consumer confidence, first-quarter GDP growth, and personal income and spending in March.

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What's Ahead for Fixed Income Investors?

April 19, 2022

So far this year, we've seen a challenging start for fixed income investors. Rising interest rates caused prices for previously issued bonds to fall throughout the first quarter and into April, which led to declines for most fixed income sectors. As a result, many investors have been questioning what caused the selloff and what lies ahead. But, despite the rough start, there are reasons for optimism. Let’s look at what triggered the selloffs and why the rest of the year may offer opportunities for fixed income investors.

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Monday Update: Retail Sales and Consumer Sentiment Improve

April 18, 2022

Last week saw the release of a number of important economic updates. March’s inflation reports drew much of the attention, along with news on retail sales and consumer sentiment. The reports showed consumer and producer inflation picking up in March, in part due to rising energy costs. Nonetheless, retail sales growth remained solid during the month, and consumer sentiment improved to start April. This week will be busy once again, with a focus on the housing market update.

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Monday Update: Service Sector Confidence on the Upswing

April 11, 2022

Several important economic updates were released last week, with the ISM Service sector confidence report serving as a highlight. The report showed that service sector confidence rebounded in March following Omicron-related declines to start the year. This will be a busy week of updates, with a focus on March’s inflation reports as well as a look at retail sales, consumer confidence, and industrial production.

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Monday Update: Strong Job Growth in March

April 4, 2022

There were several important economic updates last week, with the March employment report serving as a highlight. The report showed that hiring continued at a strong pace during the month, driving the unemployment rate to a new pandemic-era low. This will be another busy week of updates, with three major reports scheduled.

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Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

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