Yesterday’s risk-on trade continued overnight in global markets on perception that the COVID-19 crisis in Europe is improving. S&P 500 futures are up 3.3% ahead of the open, and Treasury yields are up 3-9 bps across the curve (2yr/10yr spread +5 bps to 0.46%). President Trump said yesterday that a second round of direct payments to Americans is “absolutely under serious consideration.” Some media outlets are reporting that the White House and Congress are discussing a phase 4 relief package that could total $1.5 trillion. One-month Libor reset another 6 bps lower to 0.86% today following yesterday’s 6 bps decline as money market functionality continues to improve.
Jason Haley
Chief Investment Officer
Date | Event | Survey | Actual | Prior | Revised |
4/7/2020 | NFIB Small Business Optimism | — | 96.4 | 104.5 | — |
4/7/2020 | JOLTS Job Openings | 6500 | 6882 | 6963 | 7012 |
4/7/2020 | Consumer Credit | $14.000b | — | $12.021b | — |
4/8/2020 | MBA Mortgage Applications | — | — | 15.30% | — |
4/8/2020 | Bloomberg Consumer Comfort | — | — | 56.3 | — |
4/8/2020 | FOMC Meeting Minutes | — | — | — | — |
4/9/2020 | PPI Final Demand MoM | -0.40% | — | -0.60% | — |
4/9/2020 | PPI Ex Food and Energy MoM | 0.00% | — | -0.30% | — |
4/9/2020 | PPI Ex Food, Energy, Trade MoM | 0.00% | — | -0.10% | — |
4/9/2020 | PPI Final Demand YoY | 0.50% | — | 1.30% | — |
4/9/2020 | PPI Ex Food and Energy YoY | 1.20% | — | 1.40% | — |
4/9/2020 | PPI Ex Food, Energy, Trade YoY | — | — | 1.40% | — |
4/9/2020 | Initial Jobless Claims | 5000k | — | 6648k | — |
4/9/2020 | Continuing Claims | — | — | 3029k | — |
4/9/2020 | Wholesale Inventories MoM | -0.50% | — | -0.50% | — |
4/9/2020 | Wholesale Trade Sales MoM | — | — | 1.60% | — |
4/9/2020 | U. of Mich. Sentiment | 75 | — | 89.1 | — |
4/9/2020 | U. of Mich. Current Conditions | — | — | 103.7 | — |
4/9/2020 | U. of Mich. Expectations | — | — | 79.7 | — |
4/9/2020 | U. of Mich. 1 Yr Inflation | — | — | 2.20% | — |
4/9/2020 | U. of Mich. 5-10 Yr Inflation | — | — | 2.30% | — |
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