Effective Federal Funds Rate, 1954–2018
Much of the anxiety seen in the stock markets in the fourth quarter of 2018 was the result of aggressive comments emanating from the Federal Reserve regarding the disposition of the securities on its balance sheet. Suffice it to say that short-term interest rates are being “normalized”—that is, brought back into historical norms from the lows of 2008.



ISM Manufacturing PMI
According to ISM data compiled through November 2018, the manufacturing sector has rebounded from its two-month downward trend. As economies around the world slow in 2019 and full employment puts pressure on wages, the industrial sector will be under pressure to continue its growth in revenue and earnings.

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