April 16, 2024 Headlines

Treasury yields drifted modestly higher and steeper overnight on below-average volumes. The primary macro focus for today will be Fed Chair Powell’s fireside chat at 1:15pm ET. In China, Q1 GDP growth exceeded expectations (5.3% vs 4.8%), boosted by government spending, but March retail sales and industrial production both fell short of expectations. In the U.S., housing starts fell 14.7% in March to a 1.458-million-unit annual pace, well below expectations. This included a 12.4% decline in single-family starts and a 21.7% decline in multifamily starts. Building permits, which are a more forward-looking metric, were also lower in March, including a 5.7% decline in single-family permits.

Jason Haley
Chief Investment Officer

Date Event Survey Actual Prior Revised
4/16/2024 Housing Starts 1485k 1321k 1521k 1549k
4/16/2024 Building Permits 1510k 1458k 1518k 1523k
4/16/2024 Housing Starts MoM -2.40% -14.70% 10.70% 12.70%
4/16/2024 Building Permits MoM -0.90% -4.30% 1.90% 2.30%
4/16/2024 New York Fed Services Business Activity — -0.6 0.6 —
4/16/2024 Industrial Production MoM 0.40% — 0.10% —
4/16/2024 Capacity Utilization 78.50% — 78.30% —
4/16/2024 Manufacturing (SIC) Production 0.20% — 0.80% —
4/17/2024 MBA Mortgage Applications — — 0.10% —
4/17/2024 Federal Reserve Releases Beige Book
4/17/2024 Total Net TIC Flows — — -$8.8b —
4/17/2024 Net Long-term TIC Flows — — $36.1b —
4/18/2024 Philadelphia Fed Business Outlook 2.3 — 3.2 —
4/18/2024 Initial Jobless Claims 215k — 211k —
4/18/2024 Continuing Claims 1817k — 1817k —
4/18/2024 Leading Index -0.10% — 0.10% —
4/18/2024 Existing Home Sales 4.20m — 4.38m —
4/18/2024 Existing Home Sales MoM -4.10% — 9.50% —
4/19/2024 Bloomberg April United States Economic Survey
4/22/2024 Chicago Fed Nat Activity Index — — 0.05 —
4/23/2024 Philadelphia Fed Non-Manufacturing Activity — — -18.3 —
4/23/2024 S&P Global US Manufacturing PMI — — 51.9 —
4/23/2024 S&P Global US Services PMI — — 51.7 —
4/23/2024 S&P Global US Composite PMI — — 52.1 —
4/23/2024 Revisions: Retail Sales
4/23/2024 New Home Sales 673k — 662k —
4/23/2024 New Home Sales MoM 1.60% — -0.30% —
4/23/2024 Richmond Fed Manufact. Index — — -11 —
4/23/2024 Richmond Fed Business Conditions — — -8 —

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