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

4/7/2020NFIB Small Business Optimism96.4104.5
4/7/2020JOLTS Job Openings6500688269637012
4/7/2020Consumer Credit$14.000b$12.021b
4/8/2020MBA Mortgage Applications15.30%
4/8/2020Bloomberg Consumer Comfort56.3
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
4/9/2020Wholesale Inventories MoM-0.50%-0.50%
4/9/2020Wholesale Trade Sales MoM1.60%
4/9/2020U. of Mich. Sentiment7589.1
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%


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