Daily Market Commentary

May 9, 2019

The effective fed funds rate fell to 2.39% on Wednesday from 2.40% the prior session, according to New York Fed data. With the Federal Reserve's 5bp cut to the interest on excess reserves (IOER) rate to 2.35%, that puts the fed funds rate 4bp above IOER for the first time since 2008.

Excluding food and energy, producer prices increased 2.4% from a year earlier, matching the slowest gain since last May and missing projections for an acceleration following the prior month's 2.4% reading, a Labor Department report showed Thursday.

The U.S. trade deficit with China decreased to the narrowest in almost three years as imports slowed and exports advanced, offering President Donald Trump a chance to claim his tariff war is yielding the desired results just as negotiations reach a critical stage.

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