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Weekly Market Update – March 13, 2015

The Dow fell 146 points Friday as a strong dollar and weak inflation data pressured stocks.  For the week the Dow was down .6% and for the year it is now down .4%.

The dollar surged Friday to a new 52-week high while inflation data came in well below expectations (PPI -.5% vs. expectations of .3%).  The strong dollar pushed oil prices down over 4% to $45.15 per barrel, down 9.3% for the week.  The market recently has been fixated on the impending interest rate hike, and next week the Fed will meet and release its March statement on Wednesday.  Close attention will be paid to whether the term “patient” is removed from the Fed’s language (in terms of its policy intentions).        

The yield on the 10-year Treasury rose 2 bps Friday to 2.11%, down 13 bps for the week and now down 6 bps for the year.  Through Thursday, March 12, our trust preferred portfolios were up almost 3.5%, on average, versus .76% for the Barclays Aggregate Bond Index. 

Next week, economic calendar highlights include February housing data on Tuesday and weekly jobless claims on Thursday.  Expect the housing data to show an uptick in activity from January and weekly jobless claims to settle in the 300,000 – 310,000 range (from 289,000 this week). 


Ulland Investment Advisors

4550 IDS Center · Eighty South Eighth Street · Minneapolis MN 55402 · Telephone: 612-312-1400 · Facsimile: 612-204-3464