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

DateEventSurveyActualPriorRevised
4/7/2020NFIB Small Business Optimism—96.4104.5—
4/7/2020JOLTS Job Openings6500688269637012
4/7/2020Consumer Credit$14.000b—$12.021b—
4/8/2020MBA Mortgage Applications——15.30%—
4/8/2020Bloomberg Consumer Comfort——56.3—
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 YoY——1.40%—
4/9/2020Initial Jobless Claims5000k—6648k—
4/9/2020Continuing Claims——3029k—
4/9/2020Wholesale Inventories MoM-0.50%—-0.50%—
4/9/2020Wholesale Trade Sales MoM——1.60%—
4/9/2020U. of Mich. Sentiment75—89.1—
4/9/2020U. of Mich. Current Conditions——103.7—
4/9/2020U. of Mich. Expectations——79.7—
4/9/2020U. of Mich. 1 Yr Inflation——2.20%—
4/9/2020U. of Mich. 5-10 Yr Inflation——2.30%—

 

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