Treasury prices are unchanged across the curve following a relatively quiet overnight session, and S&P 500 futures are currently up 14 points in response to strong Q1 earnings reports and a lack of major (negative) macro headlines. The slope of the Treasury curve (2-year/10-year spread) continues to hold near a post-crisis low of 0.48%, and investment-grade credit spreads have firmed 3-5 basis points since the end of March (widened 25 bps the prior two months). Three regional Fed bank presidents will speak this morning (Rosengren, Bullard, and Kaplan), and the JOLTS job openings data for February will be released later this morning. Next week’s economic calendar will be headlined by the March retail sales report, but the markets will likely remain more focused on headlines related to the Mueller investigation, trade tensions, and Syria.
Jason Haley
Managing Director, Investment Management Group
| Date Time | Event | Survey | Actual | Prior | Revised |
| 04/10/2018 | NFIB Small Business Optimism | 107 | 104.7 | 107.6 | — |
| 04/10/2018 | PPI Final Demand MoM | 0.10% | 0.30% | 0.20% | — |
| 04/10/2018 | PPI Ex Food and Energy MoM | 0.20% | 0.30% | 0.20% | — |
| 04/10/2018 | PPI Ex Food, Energy, Trade MoM | 0.20% | 0.40% | 0.40% | — |
| 04/10/2018 | PPI Final Demand YoY | 2.90% | 3.00% | 2.80% | — |
| 04/10/2018 | PPI Ex Food and Energy YoY | 2.60% | 2.70% | 2.50% | — |
| 04/10/2018 | PPI Ex Food, Energy, Trade YoY | — | 2.90% | 2.70% | — |
| 04/10/2018 | Wholesale Inventories MoM | 0.80% | 1.00% | 1.10% | — |
| 04/10/2018 | Wholesale Trade Sales MoM | 0.10% | 1.00% | -1.10% | -1.50% |
| 04/11/2018 | MBA Mortgage Applications | — | -1.90% | -3.30% | — |
| 04/11/2018 | CPI MoM | 0.00% | -0.10% | 0.20% | — |
| 04/11/2018 | CPI Ex Food and Energy MoM | 0.20% | 0.20% | 0.20% | — |
| 04/11/2018 | CPI YoY | 2.40% | 2.40% | 2.20% | — |
| 04/11/2018 | CPI Ex Food and Energy YoY | 2.10% | 2.10% | 1.80% | — |
| 04/11/2018 | CPI Index NSA | 249.588 | 249.554 | 248.991 | — |
| 04/11/2018 | CPI Core Index SA | 256.2 | 256.2 | 255.751 | — |
| 04/11/2018 | Real Avg Weekly Earnings YoY | — | 0.90% | 0.60% | — |
| 04/11/2018 | Real Avg Hourly Earning YoY | — | 0.40% | 0.40% | 0.30% |
| 04/11/2018 | Monthly Budget Statement | -$186.0b | -$208.7b | -$176.2b | — |
| 04/11/2018 | FOMC Meeting Minutes | — | — | — | — |
| 04/12/2018 | Initial Jobless Claims | 230k | 233k | 242k | — |
| 04/12/2018 | Continuing Claims | 1843k | 1871k | 1808k | 1818k |
| 04/12/2018 | Import Price Index MoM | 0.10% | 0.00% | 0.40% | 0.30% |
| 04/12/2018 | Import Price Index ex Petroleum MoM | 0.20% | 0.10% | 0.50% | 0.40% |
| 04/12/2018 | Import Price Index YoY | 3.80% | 3.60% | 3.50% | 3.40% |
| 04/12/2018 | Export Price Index MoM | 0.20% | 0.30% | 0.20% | — |
| 04/12/2018 | Export Price Index YoY | — | 3.40% | 3.30% | 3.20% |
| 04/12/2018 | Bloomberg April United States Economic Survey (Table) | ||||
| 04/12/2018 | Bloomberg Consumer Comfort | — | 58 | 57.2 | — |
| 04/13/2018 | JOLTS Job Openings | 6024 | — | 6312 | — |
| 04/13/2018 | U. of Mich. Sentiment | 100.4 | — | 101.4 | — |
| 04/13/2018 | U. of Mich. Current Conditions | — | — | 121.2 | — |
| 04/13/2018 | U. of Mich. Expectations | — | — | 88.8 | — |
| 04/13/2018 | U. of Mich. 1 Yr Inflation | — | — | 2.80% | — |
| 04/13/2018 | U. of Mich. 5-10 Yr Inflation | — | — | 2.50% | — |
| 04/16/2018 | Empire Manufacturing | 18.2 | — | 22.5 | — |
| 04/16/2018 | Retail Sales Advance MoM | 0.40% | — | -0.10% | — |
| 04/16/2018 | Retail Sales Ex Auto MoM | 0.20% | — | 0.20% | — |
| 04/16/2018 | Retail Sales Ex Auto and Gas | 0.40% | — | 0.30% | — |
| 04/16/2018 | Retail Sales Control Group | 0.30% | — | 0.10% | — |
| 04/16/2018 | Business Inventories | 0.60% | — | 0.60% | — |
| 04/16/2018 | NAHB Housing Market Index | 70 | — | 70 | — |
| 04/16/2018 | Total Net TIC Flows | — | — | $119.7b | — |
| 04/16/2018 | Net Long-term TIC Flows | — | — | $62.1b | — |
| 04/17/2018 | Housing Starts | 1271k | — | 1236k | — |
| 04/17/2018 | Housing Starts MoM | 2.80% | — | -7.00% | — |
| 04/17/2018 | Building Permits | 1330k | — | 1298k | 1321k |
| 04/17/2018 | Building Permits MoM | 0.70% | — | -5.70% | -4.10% |
| 04/17/2018 | Industrial Production MoM | 0.30% | — | 1.10% | 0.90% |
| 04/17/2018 | Manufacturing (SIC) Production | 0.10% | — | 1.20% | — |
| 04/17/2018 | Capacity Utilization | 77.90% | — | 78.10% | 77.70% |
| 04/18/2018 | MBA Mortgage Applications | — | — | -1.90% | — |
| 04/18/2018 | U.S. Federal Reserve Releases Beige Book | ||||
| 04/19/2018 | Initial Jobless Claims | 226k | — | 233k | — |
| 04/19/2018 | Continuing Claims | — | — | 1871k | — |
| 04/19/2018 | Philadelphia Fed Business Outlook | 20.1 | — | 22.3 | — |
| 04/19/2018 | Bloomberg Economic Expectations | — | — | 56 | — |
| 04/19/2018 | Bloomberg Consumer Comfort | — | — | 58 | — |
| 04/19/2018 | Leading Index | 0.30% | — | 0.60% | — |