April 20, 2023 Headlines

Softer overseas economic data is helping fuel a modest rally in Treasuries (by current standards) to start the day, with yields down 4-7 basis points across the curve. On the data front, initial jobless claims ticked higher again last week, up 5,000 to 245,000. Claims remain well below long-run averages (390k over 20 years), but it has been a fairly steady rise in recent months since touching a year-to-date low of 194,000 in January. Later this morning, March existing home sales data will be released, and tomorrow morning, S&P will release preliminary April PMI data for the U.S. and Europe. Several Fed leaders are scheduled to speak today, beginning with Governor Christopher Waller at noon.

Jason Haley
Chief Investment Officer

4/20/2023Initial Jobless Claims240k245k239k240k
4/20/2023Continuing Claims1825k1865k1810k1804k
4/20/2023Philadelphia Fed Business Outlook-19.3-31.3-23.2
4/20/2023Existing Home Sales4.50m4.58m
4/20/2023Existing Home Sales MoM-1.80%14.50%
4/20/2023Leading Index-0.70%-0.30%
4/21/2023Bloomberg April United States Economic Survey
4/21/2023S&P Global US Manufacturing PMI4949.2
4/21/2023S&P Global US Services PMI51.552.6
4/21/2023S&P Global US Composite PMI51.252.3
4/24/2023Chicago Fed Nat Activity Index-0.19
4/24/2023Revisions: Retail Sales, Inventories
4/24/2023Dallas Fed Manf. Activity-15.7
4/25/2023Philadelphia Fed Non-Manufacturing Activity-12.8
4/25/2023FHFA House Price Index MoM0.20%
4/25/2023S&P CoreLogic CS 20-City MoM SA-0.43%
4/25/2023S&P CoreLogic CS 20-City YoY NSA2.55%
4/25/2023S&P CoreLogic CS US HPI YoY NSA3.79%
4/25/2023New Home Sales630k640k
4/25/2023New Home Sales MoM-1.60%1.10%
4/25/2023Conf. Board Consumer Confidence104.1104.2
4/25/2023Conf. Board Present Situation151.1
4/25/2023Conf. Board Expectations73
4/25/2023Richmond Fed Manufact. Index-5
4/25/2023Richmond Fed Business Conditions-17
4/25/2023Dallas Fed Services Activity-18
4/26/2023MBA Mortgage Applications-8.80%
4/26/2023Wholesale Inventories MoM0.10%
4/26/2023Advance Goods Trade Balance-$89.5b-$91.6b
4/26/2023Retail Inventories MoM0.80%
4/26/2023Durable Goods Orders0.70%-1.00%
4/26/2023Durables Ex Transportation-0.30%-0.10%
4/26/2023Cap Goods Orders Nondef Ex Air0.20%-0.10%
4/26/2023Cap Goods Ship Nondef Ex Air-0.10%
4/27/2023Initial Jobless Claims245k
4/27/2023Continuing Claims1865k
4/27/2023GDP Annualized QoQ2.00%2.60%
4/27/2023Personal Consumption1.00%
4/27/2023GDP Price Index3.70%3.90%
4/27/2023Core PCE QoQ4.40%
4/27/2023Pending Home Sales MoM1.00%0.80%
4/27/2023Pending Home Sales NSA YoY######
4/27/2023Kansas City Fed Manf. Activity0

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