A more positive risk tone emerged overnight, pushing equity futures and Treasury yields marginally higher.
Also weighing on Treasuries somewhat this morning is the $70 billion 5-year note auction later today. Currency markets remain choppy, with the Bloomberg US dollar index falling to the lowest level since March 2022, just before the Fed’s rate hike cycle. The most recent weakness coincides with the signals of U.S. intervention/support to boost the struggling Japanese yen in recent days. Later this morning, the November home price data will be released (S&P Case Shiller), as well as the January Conference Board consumer confidence survey.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior |
| 1/27/2026 | ADP Weekly Employment Change | — | 7.750k | 8.000k |
| 1/27/2026 | FHFA House Price Index MoM | 0.30% | — | 0.40% |
| 1/27/2026 | S&P Cotality CS 20-City MoM SA | 0.22% | — | 0.32% |
| 1/27/2026 | S&P Cotality CS 20-City YoY NSA | 1.20% | — | 1.31% |
| 1/27/2026 | S&P Cotality CS US HPI YoY NSA | 1.30% | — | 1.36% |
| 1/27/2026 | Richmond Fed Manufact. Index | -5 | — | -7 |
| 1/27/2026 | Richmond Fed Business Conditions | -7 | — | -11 |
| 1/27/2026 | Conf. Board Consumer Confidence | 91 | — | 89.1 |
| 1/27/2026 | Conf. Board Present Situation | — | — | 116.8 |
| 1/27/2026 | Conf. Board Expectations | — | — | 70.7 |
| 1/27/2026 | Dallas Fed Services Activity | -2.4 | — | -3.3 |
| 1/28/2026 | MBA Mortgage Applications | — | — | 14.10% |
| 1/28/2026 | FOMC Rate Decision (Upper Bound) | 3.75% | — | 3.75% |
| 1/28/2026 | FOMC Rate Decision (Lower Bound) | 3.50% | — | 3.50% |
| 1/28/2026 | Fed Interest on Reserve Balances Rate | 3.65% | — | 3.65% |
| 1/28/2026 | Fed Reverse Repo Rate | — | — | 3.50% |
| 1/29/2026 | Nonfarm Productivity | 4.90% | — | 4.90% |
| 1/29/2026 | Unit Labor Costs | -1.90% | — | -1.90% |
| 1/29/2026 | Initial Jobless Claims | 205k | — | 200k |
| 1/29/2026 | Initial Claims 4-Wk Moving Avg | — | — | 201.50k |
| 1/29/2026 | Continuing Claims | 1855k | — | 1849k |
| 1/29/2026 | Trade Balance | -$44.1b | — | -$29.4b |
| 1/29/2026 | Exports MoM | — | — | 2.60% |
| 1/29/2026 | Imports MoM | — | — | -3.20% |
| 1/29/2026 | Factory Orders | 1.60% | — | -1.30% |
| 1/29/2026 | Durable Goods Orders | — | — | 5.30% |
| 1/29/2026 | Factory Orders Ex Trans | — | — | -0.20% |
| 1/29/2026 | Durables Ex Transportation | — | — | 0.50% |
| 1/29/2026 | Cap Goods Orders Nondef Ex Air | — | — | 0.70% |
| 1/29/2026 | Cap Goods Ship Nondef Ex Air | — | — | 0.40% |
| 1/29/2026 | Wholesale Inventories MoM | 0.20% | — | 0.20% |
| 1/29/2026 | Wholesale Trade Sales MoM | — | — | -0.40% |
| 1/30/2026 | PPI Final Demand MoM | 0.20% | — | 0.20% |
| 1/30/2026 | PPI Ex Food and Energy MoM | 0.20% | — | 0.00% |
| 1/30/2026 | PPI Ex Food, Energy, Trade MoM | 0.30% | — | 0.20% |
| 1/30/2026 | PPI Final Demand YoY | 2.80% | — | 3.00% |
| 1/30/2026 | PPI Ex Food and Energy YoY | 2.90% | — | 3.00% |
| 1/30/2026 | PPI Ex Food, Energy, Trade YoY | — | — | 3.50% |
| 1/30/2026 | MNI Chicago PMI | 43.5 | — | 43.5 |
| 2/01/2026-2/10/2026 | Final Benchmark Payrolls Revision | — | — | — |
| 2/01/2026-2/13/2026 | Retail Sales Advance MoM | — | — | 0.60% |
| 2/01/2026-2/05/2026 | Durable Goods Orders | — | — | — |
| 2/01/2026-2/13/2026 | Retail Sales Ex Auto MoM | — | — | 0.50% |
| 2/01/2026-2/05/2026 | Durables Ex Transportation | — | — | — |
| 2/01/2026-2/13/2026 | Business Inventories | — | — | 0.30% |
| 2/01/2026-2/13/2026 | Retail Sales Ex Auto and Gas | — | — | 0.40% |
| 2/01/2026-2/05/2026 | Cap Goods Orders Nondef Ex Air | — | — | — |
| 2/01/2026-2/13/2026 | Retail Sales Control Group | — | — | 0.40% |
| 2/01/2026-2/05/2026 | Cap Goods Ship Nondef Ex Air | — | — | — |
| 2/2/2026 | S&P Global US Manufacturing PMI | — | — | 51.9 |
| 2/2/2026 | ISM Manufacturing | 48.3 | — | 47.9 |
| 2/2/2026 | ISM Prices Paid | — | — | 58.5 |
| 2/2/2026 | ISM New Orders | — | — | 47.7 |
| 2/2/2026 | ISM Employment | — | — | 44.9 |
| 2/2/2026 | US Treasury Quarterly Borrowing Estimates | |||
| 2/02/2026-2/18/2026 | Housing Starts | — | — | 1246k |
| 2/02/2026-2/18/2026 | Building Permits | — | — | 1411k |
| 2/02/2026-2/18/2026 | Housing Starts MoM | — | — | -4.60% |
| 2/02/2026-2/18/2026 | Building Permits MoM | — | — | -0.30% |
| 2/3/2026 | JOLTS Job Openings | — | — | 7146k |
| 2/3/2026 | JOLTS Job Openings Rate | — | — | 4.30% |
| 2/3/2026 | JOLTS Quits Level | — | — | 3161k |
| 2/3/2026 | JOLTS Quits Rate | — | — | 2.00% |
| 2/3/2026 | JOLTS Layoffs Level | — | — | 1687k |
| 2/3/2026 | JOLTS Layoffs Rate | — | — | 1.10% |
| 2/03/2026 | Wards Total Vehicle Sales | 15.80m | — | 16.02m |