It was another positive overnight session for risk markets, with virtually all major equity indices higher on the day, and S&P 500 futures are currently up 9 points. The lack of negative headlines and risk-on sentiment is also pushing Treasury prices modestly lower and credit spreads tighter. Treasuries have traded in a fairly tight range in recent weeks, particularly on the long-end of the curve, and implied rate volatility (for Treasuries) is now approaching the historic lows reached in late 2017/early 2018. Inflation data in the eurozone and U.K. was softer in March, and the U.K. reading reduces the likelihood of a May rate hike by the Bank of England. Testifying before the House Financial Services Committee, Fed Vice Chair for Supervision Quarles supported reforms to the Volcker Act and Community Reinvestment Act (CRA) for depository institutions. Regarding CRA, Quarles said he would like “to take it off autopilot.”
Jason Haley
Managing Director, Investment Management Group
| Date Time | Event | Survey | Actual | Prior | Revised |
| 04/16/2018 | Empire Manufacturing | 18.4 | 15.8 | 22.5 | — |
| 04/16/2018 | Retail Sales Advance MoM | 0.40% | 0.60% | -0.10% | — |
| 04/16/2018 | Retail Sales Ex Auto MoM | 0.20% | 0.20% | 0.20% | — |
| 04/16/2018 | Retail Sales Ex Auto and Gas | 0.40% | 0.30% | 0.30% | — |
| 04/16/2018 | Retail Sales Control Group | 0.40% | 0.40% | 0.10% | 0.00% |
| 04/16/2018 | Business Inventories | 0.60% | 0.60% | 0.60% | — |
| 04/16/2018 | NAHB Housing Market Index | 70 | 69 | 70 | — |
| 04/16/2018 | Total Net TIC Flows | — | $44.7b | $119.7b | $122.6b |
| 04/16/2018 | Net Long-term TIC Flows | — | $49.0b | $62.1b | $61.4b |
| 04/17/2018 | Housing Starts | 1267k | 1319k | 1236k | 1295k |
| 04/17/2018 | Housing Starts MoM | 2.50% | 1.90% | -7.00% | -3.30% |
| 04/17/2018 | Building Permits | 1321k | 1354k | 1298k | 1321k |
| 04/17/2018 | Building Permits MoM | 0.00% | 2.50% | -5.70% | -4.10% |
| 04/17/2018 | Industrial Production MoM | 0.30% | 0.50% | 1.10% | 1.00% |
| 04/17/2018 | Manufacturing (SIC) Production | 0.10% | 0.10% | 1.20% | 1.50% |
| 04/17/2018 | Capacity Utilization | 77.90% | 78.00% | 78.10% | 77.70% |
| 04/18/2018 | MBA Mortgage Applications | — | 4.90% | -1.90% | — |
| 04/18/2018 | U.S. Federal Reserve Releases Beige Book | ||||
| 04/19/2018 | Initial Jobless Claims | 230k | — | 233k | — |
| 04/19/2018 | Continuing Claims | 1845k | — | 1871k | — |
| 04/19/2018 | Philadelphia Fed Business Outlook | 21 | — | 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% | — |
| 04/23/2018 | Chicago Fed Nat Activity Index | 0.25 | — | 0.88 | — |
| 04/23/2018 | Markit US Manufacturing PMI | 55.6 | — | 55.6 | — |
| 04/23/2018 | Markit US Services PMI | 54 | — | 54 | — |
| 04/23/2018 | Markit US Composite PMI | — | — | 54.2 | — |
| 04/23/2018 | Existing Home Sales | 5.57m | — | 5.54m | — |
| 04/23/2018 | Existing Home Sales MoM | 0.50% | — | 3.00% | — |
| 04/24/2018 | FHFA House Price Index MoM | 0.40% | — | 0.80% | — |
| 04/24/2018 | S&P CoreLogic CS 20-City NSA Index | — | — | 205.1 | — |
| 04/24/2018 | S&P CoreLogic CS 20-City MoM SA | 0.70% | — | 0.75% | — |
| 04/24/2018 | S&P CoreLogic CS 20-City YoY NSA | — | — | 6.40% | — |
| 04/24/2018 | S&P CoreLogic CS US HPI NSA Index | — | — | 196.31 | — |
| 04/24/2018 | S&P CoreLogic CS US HPI YoY NSA | — | — | 6.18% | — |
| 04/24/2018 | New Home Sales | 628k | — | 618k | — |
| 04/24/2018 | New Home Sales MoM | 1.60% | — | -0.60% | — |
| 04/24/2018 | Richmond Fed Manufact. Index | 17 | — | 15 | — |
| 04/24/2018 | Conf. Board Consumer Confidence | 126 | — | 127.7 | — |
| 04/24/2018 | Conf. Board Present Situation | — | — | 159.9 | — |
| 04/24/2018 | Conf. Board Expectations | — | — | 106.2 | — |
| 04/25/2018 | MBA Mortgage Applications | — | — | 4.90% | — |