August 18, 2020 Headlines

Treasury prices are grinding higher across the curve this morning following a relatively quiet overnight trading session. The dollar is weaker again today, with the DXY at a fresh 2-year low, and U.S. corporate bond issuance set a record yesterday as well. 2020 issuance rose to $1.346 trillion, surpassing the 2017 record for annual issuance in less than 8 months. On the data front, housing starts surged 22.6% in July, significantly outpacing expectations of a 5% month-over-month gain. A 58% increase in multifamily starts contributed the most to the July surprise, but single-family starts were up a healthy 8.2% as well. The housing market continues to perform well with record low mortgage rates fueling demand despite COVID-related concerns.

Jason Haley
Chief Investment Officer

8/18/20Housing Starts1245k1496k1186k1220k
8/18/20Housing Starts MoM5.00%22.60%17.30%17.50%
8/18/20Building Permits1326k1495k1241k1258k
8/18/20Building Permits MoM5.40%18.80%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 Claims920k963k
8/20/20Continuing Claims15000k15486k
8/20/20Bloomberg Economic Expectations38.5
8/20/20Bloomberg Consumer Comfort43.7
8/20/20Leading Index1.10%2.00%
8/21/20Markit US Manufacturing PMI5250.9
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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