Treasury prices are lower and the curve steeper after the Eurozone PMI stabilized from its two-month decline, printing 55.2 vs 54.9 expected. The ten-year treasury yield is hovering close to 3% as signs of trade tension ease which is expected to put upward pressure on commodity prices, forcing inflation expectations higher. S&P futures are up 6 points on the back of this news as well. Notable economic data releases today include the Markit flash PMIs for April and existing home sales. However, the market will focus most of its attention on the Q1 GDP estimate this Friday (current consensus of 2%).

Eric Kruglak
Senior Associate, Investment Management Group

Date TimeEventSurveyActualPrior
04/23/2018Chicago Fed Nat Activity Index0.280.10.88
04/23/2018Markit US Manufacturing PMI55.255.6
04/23/2018Markit US Services PMI54.154
04/23/2018Markit US Composite PMI54.2
04/23/2018Existing Home Sales5.55m5.54m
04/23/2018Existing Home Sales MoM0.20%3.00%
04/24/2018FHFA House Price Index MoM0.60%0.80%
04/24/2018S&P CoreLogic CS 20-City NSA Index205.1
04/24/2018S&P CoreLogic CS 20-City MoM SA0.68%0.75%
04/24/2018S&P CoreLogic CS 20-City YoY NSA6.35%6.40%
04/24/2018S&P CoreLogic CS US HPI NSA Index196.31
04/24/2018S&P CoreLogic CS US HPI YoY NSA6.18%
04/24/2018New Home Sales630k618k
04/24/2018New Home Sales MoM1.90%-0.60%
04/24/2018Richmond Fed Manufact. Index1615
04/24/2018Conf. Board Consumer Confidence126127.7
04/24/2018Conf. Board Present Situation159.9
04/24/2018Conf. Board Expectations106.2
04/25/2018MBA Mortgage Applications4.90%
04/26/2018Initial Jobless Claims230k232k
04/26/2018Continuing Claims1850k1863k
04/26/2018Advance Goods Trade Balance-$75.0b-$75.4b
04/26/2018Retail Inventories MoM0.40%
04/26/2018Wholesale Inventories MoM0.60%1.00%
04/26/2018Durable Goods Orders1.50%3.00%
04/26/2018Durables Ex Transportation0.40%1.00%
04/26/2018Cap Goods Orders Nondef Ex Air0.50%1.40%
04/26/2018Cap Goods Ship Nondef Ex Air0.30%1.40%
04/26/2018Bloomberg Consumer Comfort58.1
04/26/2018Kansas City Fed Manf. Activity1717
04/27/2018Employment Cost Index0.70%0.60%
04/27/2018GDP Annualized QoQ2.00%2.90%
04/27/2018Personal Consumption1.20%4.00%
04/27/2018GDP Price Index2.20%2.30%
04/27/2018Core PCE QoQ2.50%1.90%
04/27/2018U. of Mich. Sentiment9897.8
04/27/2018U. of Mich. Current Conditions106.2115
04/27/2018U. of Mich. Expectations86.8
04/27/2018U. of Mich. 1 Yr Inflation2.70%
04/27/2018U. of Mich. 5-10 Yr Inflation2.40%
04/30/2018PCE Core YoY2.00%1.60%
04/30/2018Personal Income0.40%0.40%
04/30/2018Personal Spending0.40%0.20%
04/30/2018Real Personal Spending0.00%
04/30/2018PCE Deflator MoM0.10%0.20%
04/30/2018PCE Deflator YoY1.80%
04/30/2018PCE Core MoM0.20%0.20%
04/30/2018Chicago Purchasing Manager5857.4
04/30/2018Pending Home Sales MoM0.50%3.10%
04/30/2018Pending Home Sales NSA YoY-4.40%
04/30/2018Dallas Fed Manf. Activity2521.4