April 6, 2020 Headlines

A risk-on tone emerged overnight on improved COVID-19 data out of Europe. More specifically, Italy and Spain both said they had the fewest deaths in more than two weeks, and Germany and France reported the best numbers is several days. The Treasury curve is steeper this morning (10yr yield up 5 bps), and S&P 500 futures are up 3.7% ahead of the open. One-month Libor reset more than 6 bps lower to 0.92% on improved functionality in money markets given continued Fed support, with commercial paper markets in particular beginning to unthaw.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
4/7/2020JOLTS Job Openings65006963
4/7/2020Consumer Credit$14.000b$12.021b
4/8/2020MBA Mortgage Applications15.30%
4/8/2020FOMC Meeting Minutes
4/9/2020PPI Final Demand MoM-0.40%-0.60%
4/9/2020PPI Ex Food and Energy MoM0.00%-0.30%
4/9/2020PPI Ex Food, Energy, Trade MoM0.00%-0.10%
4/9/2020PPI Final Demand YoY0.50%1.30%
4/9/2020PPI Ex Food and Energy YoY1.20%1.40%
4/9/2020PPI Ex Food, Energy, Trade YoY1.40%
4/9/2020Initial Jobless Claims5000k6648k
4/9/2020Continuing Claims3029k
4/9/2020Bloomberg Consumer Comfort56.3
4/9/2020Wholesale Inventories MoM-0.50%-0.50%
4/9/2020Wholesale Trade Sales MoM1.60%
4/9/2020U. of Mich. Sentiment74.789.1
4/9/2020U. of Mich. Current Conditions103.7
4/9/2020U. of Mich. Expectations79.7
4/9/2020U. of Mich. 1 Yr Inflation2.20%
4/9/2020U. of Mich. 5-10 Yr Inflation2.30%
4/10/2020CPI Core Index SA266.721267.07
4/10/2020Real Avg Weekly Earnings YoY0.70%0.60%
4/10/2020CPI MoM-0.30%0.10%
4/10/2020CPI Ex Food and Energy MoM0.10%0.20%
4/10/2020CPI YoY1.60%2.30%
4/10/2020CPI Ex Food and Energy YoY2.30%2.40%
4/10/2020CPI Index NSA258.144258.678
4/10/2020Real Avg Hourly Earning YoY0.60%
4/10/2020Monthly Budget Statement-$135.0b-$235.3b

 

 

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