August 22, 2019 Headlines

US Treasury yields are higher this morning as market participants continue to digest the July FOMC minutes. In the release, Fed Chairman Powell’s comments that last month’s rate cut was a “mid-cycle adjustment”, rather than the start of a predetermined easing cycle, captured the majority opinions in the committee. Regarding the future policy outlook, the minutes stressed that future decisions will be data dependent and avoid a preset course. U.S. jobless claims reached a four-week low this morning and should bode well for the upcoming August jobs report, as the U.S. labor market continues to flex its muscle. Aboard, German manufacturing data further points toward a beak outlook for the EU’s biggest economy, as orders at industrial and service companies are dropping at the fastest rate in 6 years.

Chris Eckhoff
Associate, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
8/22/2019	Initial Jobless Claims	216k	209k	220k	221k
8/22/2019	Continuing Claims	1707k	1674k	1726k	1728k
8/22/2019	Bloomberg Consumer Comfort	—	—	61.2	—
8/22/2019	Bloomberg Economic Expectations	—	—	55	—
8/22/2019	Markit US Manufacturing PMI	50.5	—	50.4	—
8/22/2019	Markit US Services PMI	52.8	—	53	—
8/22/2019	Markit US Composite PMI	—	—	52.6	—
8/22/2019	Leading Index	0.30%	—	-0.30%	—
8/22/2019	Kansas City Fed Manf. Activity	1	—	-1	—
8/23/2019	New Home Sales	649k	—	646k	—
8/23/2019	New Home Sales MoM	0.50%	—	7.00%	—

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