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 Time Event Survey Actual Prior Revised
4/8/2019 Factory Orders -0.50% -0.50% 0.10% 0.00%
4/8/2019 Factory Orders Ex Trans 0.30% -0.20% -0.10%
4/8/2019 Durable Goods Orders -1.60% -1.60% -1.60%
4/8/2019 Durables Ex Transportation 0.10% -0.10% 0.10%
4/8/2019 Cap Goods Orders Nondef Ex Air -0.10% -0.10%
4/8/2019 Cap Goods Ship Nondef Ex Air -0.10% 0.00%
4/9/2019 NFIB Small Business Optimism 102 101.8 101.7
4/9/2019 JOLTS Job Openings 7550 7087 7581 7625
4/10/2019 MBA Mortgage Applications -5.60% 18.60%
4/10/2019 CPI MoM 0.40% 0.40% 0.20%
4/10/2019 CPI Ex Food and Energy MoM 0.20% 0.10% 0.10%
4/10/2019 CPI YoY 1.80% 1.90% 1.50%
4/10/2019 CPI Ex Food and Energy YoY 2.10% 2.00% 2.10%
4/10/2019 CPI Core Index SA 261.465 261.374 260.989
4/10/2019 CPI Index NSA 254.167 254.202 252.776
4/10/2019 Real Avg Hourly Earning YoY 1.30% 1.90%
4/10/2019 Real Avg Weekly Earnings YoY 1.30% 1.60%
4/10/2019 FOMC Meeting Minutes
4/10/2019 Monthly Budget Statement -$181.0b -$208.7b
4/11/2019 PPI Final Demand MoM 0.30% 0.10%
4/11/2019 PPI Ex Food and Energy MoM 0.20% 0.10%
4/11/2019 PPI Ex Food, Energy, Trade MoM 0.20% 0.10%
4/11/2019 PPI Final Demand YoY 1.90% 1.90%
4/11/2019 PPI Ex Food and Energy YoY 2.40% 2.50%
4/11/2019 Initial Jobless Claims 210k 202k
4/11/2019 PPI Ex Food, Energy, Trade YoY 2.30%
4/11/2019 Continuing Claims 1735k 1717k
4/11/2019 Bloomberg April United States Economic Survey
4/11/2019 Bloomberg Consumer Comfort 58.9
4/12/2019 Import Price Index MoM 0.40% 0.60%
4/12/2019 Import Price Index ex Petroleum MoM -0.10% 0.10%
4/12/2019 Import Price Index YoY -0.70% -1.30%
4/12/2019 Export Price Index MoM 0.20% 0.60%
4/12/2019 Export Price Index YoY 0.30%
4/12/2019 U. of Mich. Sentiment 98.1 98.4
4/12/2019 U. of Mich. Current Conditions 113.3
4/12/2019 U. of Mich. Expectations 88.8
4/12/2019 U. of Mich. 1 Yr Inflation 2.50%
4/12/2019 U. of Mich. 5-10 Yr Inflation 2.50%