April 7, 2020 Headlines

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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