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
Date | Event | Survey | Actual | Prior | Revised |
8/18/20 | Housing Starts | 1245k | 1496k | 1186k | 1220k |
8/18/20 | Housing Starts MoM | 5.00% | 22.60% | 17.30% | 17.50% |
8/18/20 | Building Permits | 1326k | 1495k | 1241k | 1258k |
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 | Continuing Claims | 15000k | — | 15486k | — |
8/20/20 | Bloomberg Economic Expectations | — | — | 38.5 | — |
8/20/20 | Bloomberg Consumer Comfort | — | — | 43.7 | — |
8/20/20 | Leading Index | 1.10% | — | 2.00% | — |
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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