August 17, 2020 Headlines

The US Treasury curve bull-flattened overnight as Japan’s Q2 GDP missed estimates and continued Covid-19 outbreaks sparked worries of increased quarantine restrictions. Nevertheless, equities are poised to open higher (S&P 500 +.48%) following China’s move to provide extra liquidity to commercial banks. The People’s Bank of China took a more accommodative stance by adding 700 billion yuan ($101 billion USD) to the system in order to manage upcoming government bond purchases and foster credit growth. Later this week, the July FOMC minutes will be searched for clues regarding any adjustments to the current QE program and possibly the first-ever review of how the institution pursues Congress’ dual mandate.

Chris Eckhoff
Associate, Investment Management Group

8/17/20NAHB Housing Market Index747872
8/17/20Empire Manufacturing153.717.2
8/17/20Mortgage Delinquencies4.36%
8/17/20MBA Mortgage Foreclosures0.73%
8/17/20Net Long-term TIC Flows$127.0b
8/17/20Total Net TIC Flows-$4.5b
8/18/20Housing Starts1240k1186k
8/18/20Housing Starts MoM4.60%17.30%
8/18/20Building Permits1320k1241k1258k
8/18/20Building Permits MoM4.90%2.10%3.50%
8/19/20MBA Mortgage Applications6.80%
8/19/20FOMC Meeting Minutes
8/20/20Philadelphia Fed Business Outlook2124.1
8/20/20Initial Jobless Claims915k963k
8/20/20Continuing Claims15000k15486k
8/20/20Bloomberg Economic Expectations38.5
8/20/20Bloomberg Consumer Comfort43.7
8/20/20Leading Index1.00%2.00%
8/21/20Markit US Manufacturing PMI51.850.9
8/21/20Markit US Services PMI5150
8/21/20Markit US Composite PMI50.3
8/21/20Existing Home Sales5.40m4.72m
8/21/20Existing Home Sales MoM14.40%20.70%


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