Softer economic data out of Europe overnight has Treasury yields 1-2 basis points lower to start the day.
The tone in fixed income this morning is being characterized by some as risk-off despite US equity futures pointing to a higher open. Later this morning, S&P will release preliminary November PMI data, as will the final University of Michigan consumer sentiment survey results for November. Several Fed leaders are speaking today as well, most of whom are voting members of the FOMC this year.
Yesterday, the Congressional Budget Office (CBO) slashed its estimate of tariff-related budget savings by $1 trillion over the next decade. Back in August, the CBO had increased this estimate to $4 trillion, which would more than cover the estimated $3.4 trillion impact of the One Big Beautiful Bill Act, which included President Trump’s signature tax cut extensions. The reduction in tariff estimates follows recent trade deals announced by the White House. This is being closely watched by interest rate markets, particularly Treasuries, because of the potential impact on Treasury issuance in the coming years to cover budget deficits. Independent of the potential economic impact of tariffs, rates markets have been responding favorably to those revenues given the bond supply implications. If tariff revenues are expected to fall, it will likely put upward pressure on long-end Treasury yields, all else equal.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior |
| 11/21/2025 | Bloomberg Nov. United States Economic Survey | |||
| 11/21/2025 | Real Avg Hourly Earning YoY | — | 0.80% | 0.70% |
| 11/21/2025 | Real Avg Weekly Earnings YoY | — | 0.70% | 0.40% |
| 11/21/2025 | S&P Global US Manufacturing PMI | 52 | — | 52.5 |
| 11/21/2025 | S&P Global US Services PMI | 54.6 | — | 54.8 |
| 11/21/2025 | S&P Global US Composite PMI | 54.5 | — | 54.6 |
| 11/21/2025 | U. of Mich. Sentiment | 50.6 | — | 50.3 |
| 11/21/2025 | U. of Mich. Current Conditions | — | — | 52.3 |
| 11/21/2025 | U. of Mich. Expectations | — | — | 49 |
| 11/21/2025 | U. of Mich. 1 Yr Inflation | 4.70% | — | 4.70% |
| 11/21/2025 | U. of Mich. 5-10 Yr Inflation | 3.60% | — | 3.60% |
| 11/21/2025 | Wholesale Inventories MoM | — | — | -0.20% |
| 11/21/2025 | Wholesale Trade Sales MoM | — | — | 1.40% |
| 11/21/2025 | Kansas City Fed Services Activity | — | — | -5 |
| 11/21/2025-12/19/2025 | Housing Starts | 1329k | — | 1307k |
| 11/21/2025-12/19/2025 | Advance Goods Trade Balance | — | — | -$85.5b |
| 11/21/2025-12/19/2025 | Advance Goods Exports MoM SA | — | — | -1.30% |
| 11/21/2025-12/19/2025 | Advance Goods Imports MoM SA | — | — | -7.00% |
| 11/21/2025-12/19/2025 | Building Permits | 1347k | — | 1330k |
| 11/21/2025-12/19/2025 | Housing Starts MoM | 1.70% | — | — |
| 11/21/2025-12/19/2025 | Building Permits MoM | 1.30% | — | — |
| 11/21/2025-12/19/2025 | Retail Inventories MoM | — | — | — |
| 11/21/2025-11/24/2025 | Federal Budget Balance | -$230.0b | — | -$257.5b |
| 11/21/2025-12/19/2025 | New Home Sales | — | — | — |
| 11/21/2025-12/19/2025 | New Home Sales MoM | — | — | — |
| 11/24/2025 | Chicago Fed Nat Activity Index | — | — | — |
| 11/24/2025 | Dallas Fed Manf. Activity | — | — | -5 |
| 11/24/2025 | Fed Releases Annual Revision to Industrial Production | |||
| 11/25/2025 | Philadelphia Fed Non-Manufacturing Activity | — | — | -22.2 |
| 11/25/2025 | Retail Sales Advance MoM | — | — | 0.60% |
| 11/25/2025 | Retail Sales Ex Auto MoM | — | — | — |
| 11/25/2025 | Retail Sales Ex Auto and Gas | — | — | — |
| 11/25/2025 | Retail Sales Control Group | — | — | — |
| 11/25/2025 | PPI Final Demand MoM | — | — | -0.10% |
| 11/25/2025 | PPI Ex Food and Energy MoM | — | — | -0.10% |
| 11/25/2025 | PPI Ex Food, Energy, Trade MoM | — | — | 0.30% |
| 11/25/2025 | PPI Final Demand YoY | — | — | 2.60% |
| 11/25/2025 | PPI Ex Food and Energy YoY | — | — | 2.80% |
| 11/25/2025 | PPI Ex Food, Energy, Trade YoY | — | — | 2.80% |
| 11/25/2025 | FHFA House Price Index MoM | — | — | 0.40% |
| 11/25/2025 | House Price Purchase Index QoQ | — | — | 0.00% |
| 11/25/2025 | S&P Cotality CS 20-City MoM SA | — | — | 0.19% |
| 11/25/2025 | S&P Cotality CS 20-City YoY NSA | — | — | 1.58% |
| 11/25/2025 | S&P Cotality CS US HPI YoY NSA | — | — | 1.51% |
| 11/25/2025 | Business Inventories | — | — | 0.20% |
| 11/25/2025 | Richmond Fed Manufact. Index | — | — | -4 |
| 11/25/2025 | Richmond Fed Business Conditions | — | — | -1 |
| 11/25/2025 | Conf. Board Consumer Confidence | 93.3 | — | 94.6 |
| 11/25/2025 | Conf. Board Present Situation | — | — | 129.3 |
| 11/25/2025 | Conf. Board Expectations | — | — | 71.5 |
| 11/25/2025 | Pending Home Sales MoM | — | — | 0.00% |
| 11/25/2025 | Pending Home Sales NSA YoY | — | — | 1.50% |
| 11/25/2025 | Dallas Fed Services Activity | — | — | -9.4 |
| 11/26/2025 | MBA Mortgage Applications | — | — | -5.20% |
| 11/26/2025 | Initial Jobless Claims | — | — | 220k |
| 11/26/2025 | Initial Claims 4-Wk Moving Avg | — | — | 224.25k |
| 11/26/2025 | Continuing Claims | — | — | 1974k |
| 11/26/2025 | Durable Goods Orders | — | — | 2.90% |
| 11/26/2025 | Durables Ex Transportation | — | — | 0.30% |
| 11/26/2025 | Cap Goods Ship Nondef Ex Air | — | — | -0.40% |
| 11/26/2025 | Cap Goods Orders Nondef Ex Air | — | — | 0.40% |
| 11/26/2025 | MNI Chicago PMI | — | — | 43.8 |
| 11/26/2025 | Fed Releases Beige Book | |||
| 11/26/2025-12/24/2025 | Leading Index | — | — | — |