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 HaleyManaging 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% | — |