The KUIK Morning Market Report for Thursday, March 16:
Markets are up.
Index
Direction
Change
Units
Time
Dow
Up
34
points
20,984
6:56 AM
S&P500
Up
0.0%
percent
2,386
Nasdaq Composite
Up
0.1%
percent
5,905
30 Year Treasury
Up
2
Basis Points
3.13
Annual Yield
The Trump administration will propose cutting the budgets for the State Department and the U.S. Agency for International Development by 30%. The cuts are included in th 2018 budget to be released today by the White House. President Trump is expected to make good on his campaign promises to boost federal spending on the military, slash foreign aid, and cut funding for some regulatory bodies, such as the Environmental Protection Agency. The proposed reductions come as Trump looks for ways to offset what he has said will be a historic increase in funding for the military, coming after years of budget caps that started in 2013. Administration officials have said Trump wants to boost military spending by 10% over budget caps in place for 2018, or $54 billion, a sum he would have to offset with cuts elsewhere to avoid ballooning federal deficits.
The Federal Reserve Bank of Philadelphia’s monthly index on regional manufacturers fell to 32.8 in March from 43.3 in February, which was the highest reading in 33 years. Economists expected 30. Readings above zero indicate increase in the level of general business activity. This is the eight consecutive positive reading.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
