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Investors Keeping an Eye on Global Events this Week

Another soft inflation report complicates the path forward for the Federal Reserve. Last Friday’s Consumer Price Index (CPI) report showed no change in June, leaving the twelve-month rate at just 1.6 percent. The core rate rose by 0.1 percent for the month and sits at 1.7 percent for the past twelve months. While not the Fed’s preferred inflation gauge, the CPI is another indication that prices are not rising as fast as the Fed would like, nor likely as fast as it expects. The dovish voices on the Federal Open Markets Committee (FOMC) will grow even louder when the Fed meets next week, raising the possibility of no rate hike in September.

Lack of Wage Growth and Inflation Could Give the Fed Pause

The U.S. economy generated 222,000 new non-farm jobs in June, well above the expected 175,000. It was the best showing in four months. The report also included a 47,000-job upward revision to the prior two-month total. While the unemployment rate rose to 4.4 percent from 4.3 percent in May, it was accompanied by a modest increase in the participation rate. However, the report also continued to confound expectations of rising wages this late in the cycle. For the month, average hourly wages rose just 0.2 percent, and just 2.5 percent on a trailing twelve-month basis. The combination of solid job growth and little inflationary pressure should be supportive of risk assets.

Ameriprise #1 For Customer Service in the 2017 Temkin Group Investment Industry Rankings

Ameriprise Financial (NYSE: AMP) has achieved top marks in the investments industry in three 2017 Temkin Ratings. The firm is ranked no. 1 out of 14 investment firms in the 2017 Temkin Customer Service Ratings and in the 2017 Temkin Forgiveness Ratings. Ameriprise placed no. 2 in the 2017 Temkin Trust Ratings among the same group of 14 investment firms.

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