US Treasury yields bear-flattened during the overnight session in response to headlines concerning Brexit and the US/China trade deal. Yields moved 1bps higher and traded in a tight range after the UK/EU agreed to a six-month Brexit extension which is already being coined “Flextension”. Then, before the New York open, the Wall Street Journal published an article detailing a new proposal from China that sweetened the deal for US cloud-computing companies which extended the move. On the economic calendar for today, investors are awaiting the release of PPI and Initial Jobless Claims.

Chris Eckhoff
Associate, Investment Management Group
DateEventSurv(M)ActualPriorRevised
04/08/19Factory Orders-0.50%-0.50%0.10%0.00%
04/08/19Factory Orders Ex Trans0.30%-0.20%-0.10%
04/08/19Durable Goods Orders-1.60%-1.60%-1.60%
04/08/19Durables Ex Transportation0.10%-0.10%0.10%
04/08/19Cap Goods Orders Nondef Ex Air-0.10%-0.10%
04/08/19Cap Goods Ship Nondef Ex Air-0.10%0.00%
04/09/19NFIB Small Business Optimism102101.8101.7
04/09/19JOLTS Job Openings7550708775817625
04/10/19MBA Mortgage Applications-5.60%18.60%
04/10/19CPI MoM0.40%0.40%0.20%
04/10/19CPI Ex Food and Energy MoM0.20%0.10%0.10%
04/10/19CPI YoY1.80%1.90%1.50%
04/10/19CPI Ex Food and Energy YoY2.10%2.00%2.10%
04/10/19CPI Core Index SA261.465261.374260.989
04/10/19CPI Index NSA254.167254.202252.776
04/10/19Real Avg Hourly Earning YoY1.30%1.90%
04/10/19Real Avg Weekly Earnings YoY1.30%1.60%
04/10/19FOMC Meeting Minutes
04/10/19Monthly Budget Statement-$181.0b-$146.9b-$208.7b
04/11/19PPI Final Demand MoM0.30%0.60%0.10%
04/11/19PPI Ex Food and Energy MoM0.20%0.30%0.10%
04/11/19PPI Ex Food, Energy, Trade MoM0.20%0.00%0.10%
04/11/19PPI Final Demand YoY1.90%2.20%1.90%
04/11/19PPI Ex Food and Energy YoY2.40%2.40%2.50%
04/11/19PPI Ex Food, Energy, Trade YoY2.00%2.30%
04/11/19Initial Jobless Claims210k196k202k204k
04/11/19Continuing Claims1735k1713k1717k1726k
04/11/19SURVEY REPORT: U.S. Economic Forecasts in Apr. 2019
04/11/19Bloomberg Consumer Comfort59.858.9
04/12/19Import Price Index MoM0.40%0.60%
04/12/19Import Price Index ex Petroleum MoM-0.10%0.10%
04/12/19Import Price Index YoY-0.60%-1.30%
04/12/19Export Price Index MoM0.20%0.60%
04/12/19Export Price Index YoY0.30%
04/12/19U. of Mich. Sentiment98.198.4
04/12/19U. of Mich. Current Conditions113.3
04/12/19U. of Mich. Expectations88.8
04/12/19U. of Mich. 1 Yr Inflation2.50%
04/12/19U. of Mich. 5-10 Yr Inflation2.50%