U.S. Treasury securities are lower this morning with the 10-year just breaching 3% and the curve flatter post the 2-year treasury auction. This caused the 2-year yield to increase to 2.50%, its highest level since September 2008. S&P 500 futures are down ~6 points (but recovered from -15 points earlier), driven by the global selloff in equities following higher U.S. rates. Investors are looking ahead to the ECB and BOJ meetings this Thursday/Friday, on top of the U.S. GDP first quarter report coming out this Friday (street consensus is at 2%).

Eric Kruglak
Senior Associate, Investment Management Group

Date TimeEventSurveyActualPriorRevised
04/23/2018Chicago Fed Nat Activity Index0.280.10.880.98
04/23/2018Markit US Manufacturing PMI55.256.555.6
04/23/2018Markit US Services PMI54.154.454
04/23/2018Markit US Composite PMI54.854.2
04/23/2018Existing Home Sales5.55m5.60m5.54m
04/23/2018Existing Home Sales MoM0.20%1.10%3.00%
04/24/2018FHFA House Price Index MoM0.60%0.60%0.80%0.90%
04/24/2018S&P CoreLogic CS 20-City MoM SA0.70%0.83%0.75%0.81%
04/24/2018S&P CoreLogic CS 20-City YoY NSA6.35%6.80%6.40%6.43%
04/24/2018S&P CoreLogic CS 20-City NSA Index206.67205.1205.16
04/24/2018S&P CoreLogic CS US HPI NSA Index197.01196.31196.18
04/24/2018S&P CoreLogic CS US HPI YoY NSA6.34%6.18%6.11%
04/24/2018New Home Sales630k694k618k667k
04/24/2018New Home Sales MoM1.90%4.00%-0.60%3.60%
04/24/2018Richmond Fed Manufact. Index16-315
04/24/2018Conf. Board Consumer Confidence126128.7127.7127
04/24/2018Conf. Board Present Situation159.6159.9158.1
04/24/2018Conf. Board Expectations108.1106.2
04/25/2018MBA Mortgage Applications-0.20%4.90%
04/26/2018Initial Jobless Claims230k232k
04/26/2018Continuing Claims1850k1863k
04/26/2018Advance Goods Trade Balance-$75.0b-$75.4b-$75.9b
04/26/2018Retail Inventories MoM0.40%0.40%
04/26/2018Wholesale Inventories MoM0.70%1.00%
04/26/2018Durable Goods Orders1.60%3.00%
04/26/2018Durables Ex Transportation0.50%1.00%
04/26/2018Cap Goods Orders Nondef Ex Air0.60%1.40%
04/26/2018Cap Goods Ship Nondef Ex Air0.40%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 Consumption1.10%4.00%
04/27/2018GDP Price Index2.20%2.30%
04/27/2018Core PCE QoQ2.60%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%
04/30/2018Personal 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%
04/30/2018PCE Core YoY2.00%1.60%
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
05/01/2018Markit US Manufacturing PMI56.5
05/01/2018Construction Spending MoM0.30%0.10%
05/01/2018ISM Manufacturing58.559.3
05/01/2018ISM Employment57.3
05/01/2018ISM Prices Paid78.1
05/01/2018ISM New Orders61.9
05/01/2018Wards Domestic Vehicle Sales13.42m
05/01/2018Wards Total Vehicle Sales17.20m17.40m
05/02/2018MBA Mortgage Applications-0.20%
05/02/2018ADP Employment Change204k241k
05/02/2018FOMC Rate Decision (Upper Bound)1.75%1.75%
05/02/2018FOMC Rate Decision (Lower Bound)1.50%1.50%