Treasuries are up slightly this morning with the 10-year just shy of 3% and the curve is slightly flatter as the front-end faces some pressure from increased supply. Higher Treasury rates have pushed the dollar higher, as the dollar index now sits at its highest level since January, moving against the administration’s desire for a weaker dollar. In the overnight session, Asian equity markets rallied on news that China may cut the RRR (reserve requirement ratio) to support further economic growth.

Today’s economic calendar features a slew of housing data. The FHFA House Price index came in as expected with a 0.6% increase month over month. Later this morning, we’ll see new home sales data; the market is expecting a reading of 630,000.

Hafizan Hamzah
Director, Investment Management Group

DateEventSurv(M)ActualPriorRevised
04/23Chicago Fed Nat Activity Index0.280.10.880.98
04/23Markit US Manufacturing PMI55.256.555.6
04/23Markit US Services PMI54.154.454
04/23Markit US Composite PMI54.854.2
04/23Existing Home Sales5.55m5.60m5.54m
04/23Existing Home Sales MoM0.20%1.10%3.00%
04/24FHFA House Price Index MoM0.60%0.60%0.80%0.90%
04/24S&P CoreLogic CS 20-City MoM SA0.70%0.83%0.75%0.81%
04/24S&P CoreLogic CS 20-City YoY NSA6.35%6.80%6.40%6.43%
04/24S&P CoreLogic CS 20-City NSA Index206.67205.1205.16
04/24S&P CoreLogic CS US HPI NSA Index197.01196.31196.18
04/24S&P CoreLogic CS US HPI YoY NSA6.34%6.18%6.11%
04/24New Home Sales630k618k
04/24New Home Sales MoM1.90%-0.60%
04/24Richmond Fed Manufact. Index1615
04/24Conf. Board Consumer Confidence126127.7
04/24Conf. Board Present Situation159.9
04/24Conf. Board Expectations106.2
04/25MBA Mortgage Applications4.90%
04/26Initial Jobless Claims230k232k
04/26Continuing Claims1850k1863k
04/26Advance Goods Trade Balance-$75.0b-$75.4b-$75.9b
04/26Retail Inventories MoM0.40%0.40%
04/26Wholesale Inventories MoM0.70%1.00%
04/26Durable Goods Orders1.60%3.00%
04/26Durables Ex Transportation0.50%1.00%
04/26Cap Goods Orders Nondef Ex Air0.60%1.40%
04/26Cap Goods Ship Nondef Ex Air0.40%1.40%
04/26Bloomberg Consumer Comfort58.1
04/26Kansas City Fed Manf. Activity1717
04/27Employment Cost Index0.70%0.60%
04/27GDP Annualized QoQ2.00%2.90%
04/27Personal Consumption1.10%4.00%
04/27GDP Price Index2.20%2.30%
04/27Core PCE QoQ2.50%1.90%
04/27U. of Mich. Sentiment9897.8
04/27U. of Mich. Current Conditions106.2115
04/27U. of Mich. Expectations86.8
04/27U. of Mich. 1 Yr Inflation2.70%
04/27U. of Mich. 5-10 Yr Inflation2.40%