August 16 2019 Headlines

Treasury yields are 2 to 3 basis points higher this morning while equity futures are pointing to a higher open. Risk assets caught a bid overnight as no news was good news in a week where headlines and economic data punished stocks and sparked a significant rally in rates. The economic calendar is light this morning with housing starts and the University of Michigan’s Consumer Sentiment index the only 2 releases on the docket. Housing starts in July came in lower than expected at 1.19 million; falling for a third consecutive month. The decline was largely due to a slump in construction of new apartments. The weakness in multifamily construction overshadowed a 1.3% increase in single-family starts

Hafizan Hamzah
Director, Investment Management Group

8/12/2019Monthly Budget Statement-$120.0b-$119.7b-$76.9b
8/13/2019NFIB Small Business Optimism104104.7103.3
8/13/2019CPI MoM0.30%0.30%0.10%
8/13/2019CPI Ex Food and Energy MoM0.20%0.30%0.30%
8/13/2019CPI YoY1.70%1.80%1.60%
8/13/2019CPI Ex Food and Energy YoY2.10%2.20%2.10%
8/13/2019CPI Core Index SA263.302263.569262.8
8/13/2019CPI Index NSA256.441256.571256.14
8/13/2019Real Avg Hourly Earning YoY1.30%1.50%
8/13/2019Real Avg Weekly Earnings YoY0.80%1.20%
8/13/2019Mortgage Delinquencies4.53%4.42%
8/13/2019MBA Mortgage Foreclosures0.90%0.92%
8/14/2019MBA Mortgage Applications21.70%5.30%
8/14/2019Import Price Index MoM-0.10%0.20%-0.90%-1.10%
8/14/2019Import Price Index ex Petroleum MoM-0.10%0.00%-0.40%
8/14/2019Import Price Index YoY-2.00%-1.80%-2.00%
8/14/2019Export Price Index MoM-0.10%0.20%-0.70%-0.60%
8/14/2019Export Price Index YoY-0.90%-1.60%
8/15/2019Empire Manufacturing24.84.3
8/15/2019Nonfarm Productivity1.40%2.30%3.40%3.50%
8/15/2019Unit Labor Costs2.00%2.40%-1.60%5.50%
8/15/2019Philadelphia Fed Business Outlook9.516.821.8
8/15/2019Retail Sales Advance MoM0.30%0.70%0.40%0.30%
8/15/2019Retail Sales Ex Auto MoM0.40%1.00%0.40%0.30%
8/15/2019Retail Sales Ex Auto and Gas0.50%0.90%0.70%0.60%
8/15/2019Retail Sales Control Group0.40%1.00%0.70%
8/15/2019Initial Jobless Claims212k220k209k211k
8/15/2019Continuing Claims1685k1726k1684k1687k
8/15/2019Industrial Production MoM0.10%-0.20%0.00%0.20%
8/15/2019Manufacturing (SIC) Production-0.30%-0.40%0.40%0.60%
8/15/2019Capacity Utilization77.80%77.50%77.90%77.80%
8/15/2019Bloomberg Consumer Comfort61.262.9
8/15/2019NAHB Housing Market Index656665
8/15/2019Business Inventories0.10%0.00%0.30%
8/15/2019Net Long-term TIC Flows$99.1b$3.5b$4.6b
8/15/2019Total Net TIC Flows$1.7b$32.9b$37.6b
8/16/2019Housing Starts1256k1191k1253k1241k
8/16/2019Housing Starts MoM0.20%-4.00%-0.90%-1.80%
8/16/2019Building Permits1270k1336k1220k1232k
8/16/2019Building Permits MoM3.10%8.40%-6.10%-5.20%
8/16/2019U. of Mich. Sentiment9798.4
8/16/2019U. of Mich. Current Conditions110.7
8/16/2019U. of Mich. Expectations90.5
8/16/2019U. of Mich. 1 Yr Inflation2.60%
8/16/2019U. of Mich. 5-10 Yr Inflation2.50%











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