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.
Chief Investment Officer
|8/18/20||Housing Starts MoM||5.00%||22.60%||17.30%||17.50%|
|8/18/20||Building Permits MoM||5.40%||18.80%||2.10%||3.50%|
|8/19/20||MBA Mortgage Applications||—||—||6.80%||—|
|8/19/20||FOMC Meeting Minutes||—||—||—||—|
|8/20/20||Philadelphia Fed Business Outlook||21||—||24.1||—|
|8/20/20||Initial Jobless Claims||920k||—||963k||—|
|8/20/20||Bloomberg Economic Expectations||—||—||38.5||—|
|8/20/20||Bloomberg Consumer Comfort||—||—||43.7||—|
|8/21/20||Markit US Manufacturing PMI||52||—||50.9||—|
|8/21/20||Markit US Services PMI||51||—||50||—|
|8/21/20||Markit US Composite PMI||—||—||50.3||—|
|8/21/20||Existing Home Sales||5.40m||—||4.72m||—|
|8/21/20||Existing Home Sales MoM||14.40%||—||20.70%||—|
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