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

8/22/2019Initial Jobless Claims216k209k220k221k
8/22/2019Continuing Claims1707k1674k1726k1728k
8/22/2019Bloomberg Consumer Comfort61.2
8/22/2019Bloomberg Economic Expectations55
8/22/2019Markit US Manufacturing PMI50.550.4
8/22/2019Markit US Services PMI52.853
8/22/2019Markit US Composite PMI52.6
8/22/2019Leading Index0.30%-0.30%
8/22/2019Kansas City Fed Manf. Activity1-1
8/23/2019New Home Sales649k646k
8/23/2019New Home Sales MoM0.50%7.00%












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