Clarksville Weekly Market Snapshot from Frazier Allen for the week of April 1st, 2015

Clarksville, TN – The economic data were mixed, but generally disappointing, consistent with first quarter GDP growth closer to 0% (growth is widely expected to pick up again in the 2Q15). Consumer confidence improved more than anticipated in March and motor vehicle sales picked up.

However, the ISM manufacturing data suggested a slowdown in the factory sector (likely related to the stronger dollar, although survey respondents continued to note West Coast port delays).

This report went to press before the release of the March employment data.

Financial market volatility continued, but there was little direction in equities, bonds, currencies or commodities. News of a deal with Iran did not move the markets much (although the price of oil retreated on the expected reduction of sanctions against Iran).

Next week, the economic calendar thins out considerably. The ISM Non-Manufacturing Index has some market-moving potential. The Fed policy meeting minutes are unlikely to reveal anything new, but there’s always a chance the markets will take something out of context. The mid-month economic data will arrive in the following week and will take on increased importance amid expectations of a spring awakening.

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business April 1st, 2015.

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