COLIN SUVAK & VEDANT ARORA -
Markets in the United States and abroad were flat this week, with the S&P500 closing at the exact same value as last week and other major indices finishing just basis points higher. It seems as though the so-called “Trump Rally” has eased off this week as the President seeks to begin pushing some of his more ambitious plans through Congress, including the tax reform plan that is highly anticipated by markets due to indications that rates will be severely cut. Meanwhile, since the Federal Reserve raised its Federal Funds rate last week by 25 basis points to 0.75%-1%, the US 30 Yr. Fixed Rate Mortgage average increased by over 2%, while 10 Yr. Treasury bonds actually fell. Most commodities finished the week higher with Gold prices increasing 2.77% and Oil seeing a gain of 0.77%. Industrial commodities like Zinc, up over 5%, lead the way on the back of strong economic data from China.