Treasury prices are slightly higher on the long-end of the curve despite a generally-better tone in global risk markets. China’s Shanghai Composite was up more than 1% on reports that state-backed funds were buying Chinese blue-chip stocks today, and European equity markets and U.S. futures are all higher at the moment. There were no major headlines over the weekend, and domestic markets now await the release of the August 1 FOMC minutes on Wednesday and Fed Chair Powell’s speech from Jackson Hole Friday morning. There are no official data releases on the U.S. calendar until Wednesday when, in addition to the FOMC minutes, July existing home sales data will be released. Recent housing data has been showing some signs of weakness, likely attributable to higher mortgage rates, but overall fundamentals still appear to be sound. July durable goods orders will be released on Friday.

Jason Haley
Managing Director, Investment Management Group

08/22MBA Mortgage Applications-2.00%
08/22Existing Home Sales5.40m5.38m
08/22Existing Home Sales MoM0.40%-0.60%
08/22FOMC Meeting Minutes
08/23Initial Jobless Claims215k212k
08/23Continuing Claims1735k1721k
08/23FHFA House Price Index MoM0.30%0.20%
08/23House Price Purchase Index QoQ1.70%
08/23Bloomberg Consumer Comfort58.9
08/23Markit US Manufacturing PMI5555.3
08/23Markit US Services PMI55.856
08/23Markit US Composite PMI55.7
08/23New Home Sales648k631k
08/23New Home Sales MoM2.60%-5.30%
08/23Kansas City Fed Manf. Activity2323
08/24Durable Goods Orders-0.50%0.80%
08/24Durables Ex Transportation0.50%0.20%
08/24Cap Goods Orders Nondef Ex Air0.50%0.20%
08/24Cap Goods Ship Nondef Ex Air0.30%0.70%