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
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 04/23 | Chicago Fed Nat Activity Index | 0.28 | 0.1 | 0.88 | 0.98 |
| 04/23 | Markit US Manufacturing PMI | 55.2 | 56.5 | 55.6 | — |
| 04/23 | Markit US Services PMI | 54.1 | 54.4 | 54 | — |
| 04/23 | Markit US Composite PMI | — | 54.8 | 54.2 | — |
| 04/23 | Existing Home Sales | 5.55m | 5.60m | 5.54m | — |
| 04/23 | Existing Home Sales MoM | 0.20% | 1.10% | 3.00% | — |
| 04/24 | FHFA House Price Index MoM | 0.60% | 0.60% | 0.80% | 0.90% |
| 04/24 | S&P CoreLogic CS 20-City MoM SA | 0.70% | 0.83% | 0.75% | 0.81% |
| 04/24 | S&P CoreLogic CS 20-City YoY NSA | 6.35% | 6.80% | 6.40% | 6.43% |
| 04/24 | S&P CoreLogic CS 20-City NSA Index | — | 206.67 | 205.1 | 205.16 |
| 04/24 | S&P CoreLogic CS US HPI NSA Index | — | 197.01 | 196.31 | 196.18 |
| 04/24 | S&P CoreLogic CS US HPI YoY NSA | — | 6.34% | 6.18% | 6.11% |
| 04/24 | New Home Sales | 630k | — | 618k | — |
| 04/24 | New Home Sales MoM | 1.90% | — | -0.60% | — |
| 04/24 | Richmond Fed Manufact. Index | 16 | — | 15 | — |
| 04/24 | Conf. Board Consumer Confidence | 126 | — | 127.7 | — |
| 04/24 | Conf. Board Present Situation | — | — | 159.9 | — |
| 04/24 | Conf. Board Expectations | — | — | 106.2 | — |
| 04/25 | MBA Mortgage Applications | — | — | 4.90% | — |
| 04/26 | Initial Jobless Claims | 230k | — | 232k | — |
| 04/26 | Continuing Claims | 1850k | — | 1863k | — |
| 04/26 | Advance Goods Trade Balance | -$75.0b | — | -$75.4b | -$75.9b |
| 04/26 | Retail Inventories MoM | — | — | 0.40% | 0.40% |
| 04/26 | Wholesale Inventories MoM | 0.70% | — | 1.00% | — |
| 04/26 | Durable Goods Orders | 1.60% | — | 3.00% | — |
| 04/26 | Durables Ex Transportation | 0.50% | — | 1.00% | — |
| 04/26 | Cap Goods Orders Nondef Ex Air | 0.60% | — | 1.40% | — |
| 04/26 | Cap Goods Ship Nondef Ex Air | 0.40% | — | 1.40% | — |
| 04/26 | Bloomberg Consumer Comfort | — | — | 58.1 | — |
| 04/26 | Kansas City Fed Manf. Activity | 17 | — | 17 | — |
| 04/27 | Employment Cost Index | 0.70% | — | 0.60% | — |
| 04/27 | GDP Annualized QoQ | 2.00% | — | 2.90% | — |
| 04/27 | Personal Consumption | 1.10% | — | 4.00% | — |
| 04/27 | GDP Price Index | 2.20% | — | 2.30% | — |
| 04/27 | Core PCE QoQ | 2.50% | — | 1.90% | — |
| 04/27 | U. of Mich. Sentiment | 98 | — | 97.8 | — |
| 04/27 | U. of Mich. Current Conditions | 106.2 | — | 115 | — |
| 04/27 | U. of Mich. Expectations | — | — | 86.8 | — |
| 04/27 | U. of Mich. 1 Yr Inflation | — | — | 2.70% | — |
| 04/27 | U. of Mich. 5-10 Yr Inflation | — | — | 2.40% | — |