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Compass Financial Advisors

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 View from the Observation Deck  

 The S&P 500 index closed last week at an all-time high of 2675. This came after a see-saw week where equity market returns continued to swing as the odds of Congress passing sweeping tax reform ebbed and flowed. Equities first reached an all-time high on Tuesday, after the participants in the House and Senate tax conference committee announced they had reached a tentative deal. The optimism lasted until Thursday, when markets fell, after Senator Marco Rubio stated he would not vote for tax cuts unless the level of refundable child tax credit grew significantly.

 The S&P 500 index closed last week at an all-time high of 2675. This came after a see-saw week where equity market returns continued to swing as the odds of Congress passing sweeping tax reform ebbed and flowed. Equities first reached an all-time high on Tuesday, after the participants in the House and Senate tax conference committee announced they had reached a tentative deal. The optimism lasted until Thursday, when markets fell, after Senator Marco Rubio stated he would not vote for tax cuts unless the level of refundable child tax credit grew significantly.

 As expected, the Federal Open Market Committee raised the targeted Federal Funds rate by another quarter percent last week to a range of 1.25%-1.50%. Producer and consumer price index data was released prior to the Fed's rate announcement Wednesday afternoon which provided mixed results on inflationary pressures. Yields rose Tuesday with the 10yr reaching as high as 2.40% after the PPI data exceeded consensus expectations. However, core CPI data was slightly disappointing at 0.1% vs the expected 0.2%.

 As expected, the Federal Open Market Committee raised the targeted Federal Funds rate by another quarter percent last week to a range of 1.25%-1.50%. Producer and consumer price index data was released prior to the Fed's rate announcement Wednesday afternoon which provided mixed results on inflationary pressures. Yields rose Tuesday with the 10yr reaching as high as 2.40% after the PPI data exceeded consensus expectations. However, core CPI data was slightly disappointing at 0.1% vs the expected 0.2%.

 View from the Observation Deck  

 View from the Observation Deck  

Bob Carey, Chief Market Strategist at First Trust Advisors L.P., discusses the latest developments in the market and takes a look ahead. 

Bob Carey, Chief Market Strategist at First Trust Advisors L.P., discusses the latest developments in the market and takes a look ahead. 

 Equities opened higher last Monday after the Senate passed the Tax Cuts and Jobs Act of 2017 over the weekend. Stocks retreated after the open on Monday as the S&P 500 Index came under pressure from the decline in information technology stocks. Equities decreased through Wednesday before changing course to close the week positive as the S&P 500 Index returned 0.39% and posted a new closing high of 2,651.50 on Friday. U.S. gasoline inventories were much higher than expected creating downward pressure on crude oil prices which declined 2.88% on Wednesday.

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Securities offered through Harbour Investments, Inc.,
member FINRA/SIPC. http://www.finra.org/
http://www.sipc.org/about-sipc

Investment Advisory Services offered through
Compass Financial Advisors, LLC,
a registered Advisor. 
Compass Financial Advisors, LLC &
Harbour Investments, Inc.
are separate entities.

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