Treasury prices are moving higher and the dollar is strengthening following the ECB meeting this morning. ECB President Mario Draghi was once again bearish in his outlook for the Eurozone economy, noting downside risks from Brexit and the impact of trade protectionism on consumer/business confidence. The markets will now shift focus to the release of the March 20 FOMC minutes this afternoon. The Financial Stability Board (FSB) will be conducting a roundtable discussion in Washington today to discuss LIBOR reform. The FSB is comprised of regulators from the world’s largest economies, and from the U.S., officials from the Fed, SEC, CFTC, and Treasury will be participating. U.S. officials continue to press forward on a transition from LIBOR to the Secured Overnight Financing Rate (SOFR), but there are still hurdles to overcome from a legal and market functionality perspective.

Jason Haley
Managing Director, Investment Management Group
Date TimeEventSurveyActualPriorRevised
4/8/2019Factory Orders-0.50%-0.50%0.10%0.00%
4/8/2019Factory Orders Ex Trans0.30%-0.20%-0.10%
4/8/2019Durable Goods Orders-1.60%-1.60%-1.60%
4/8/2019Durables Ex Transportation0.10%-0.10%0.10%
4/8/2019Cap Goods Orders Nondef Ex Air-0.10%-0.10%
4/8/2019Cap Goods Ship Nondef Ex Air-0.10%0.00%
4/9/2019NFIB Small Business Optimism102101.8101.7
4/9/2019JOLTS Job Openings7550708775817625
4/10/2019MBA Mortgage Applications-5.60%18.60%
4/10/2019CPI MoM0.40%0.40%0.20%
4/10/2019CPI Ex Food and Energy MoM0.20%0.10%0.10%
4/10/2019CPI YoY1.80%1.90%1.50%
4/10/2019CPI Ex Food and Energy YoY2.10%2.00%2.10%
4/10/2019CPI Core Index SA261.465261.374260.989
4/10/2019CPI Index NSA254.167254.202252.776
4/10/2019Real Avg Hourly Earning YoY1.30%1.90%
4/10/2019Real Avg Weekly Earnings YoY1.30%1.60%
4/10/2019FOMC Meeting Minutes
4/10/2019Monthly Budget Statement-$181.0b-$208.7b
4/11/2019PPI Final Demand MoM0.30%0.10%
4/11/2019PPI Ex Food and Energy MoM0.20%0.10%
4/11/2019PPI Ex Food, Energy, Trade MoM0.20%0.10%
4/11/2019PPI Final Demand YoY1.90%1.90%
4/11/2019PPI Ex Food and Energy YoY2.40%2.50%
4/11/2019Initial Jobless Claims210k202k
4/11/2019PPI Ex Food, Energy, Trade YoY2.30%
4/11/2019Continuing Claims1735k1717k
4/11/2019Bloomberg April United States Economic Survey
4/11/2019Bloomberg Consumer Comfort58.9
4/12/2019Import Price Index MoM0.40%0.60%
4/12/2019Import Price Index ex Petroleum MoM-0.10%0.10%
4/12/2019Import Price Index YoY-0.70%-1.30%
4/12/2019Export Price Index MoM0.20%0.60%
4/12/2019Export Price Index YoY0.30%
4/12/2019U. of Mich. Sentiment98.198.4
4/12/2019U. of Mich. Current Conditions113.3
4/12/2019U. of Mich. Expectations88.8
4/12/2019U. of Mich. 1 Yr Inflation2.50%
4/12/2019U. of Mich. 5-10 Yr Inflation2.50%