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.
Associate, Investment Management Group
|8/22/2019||Initial Jobless Claims||216k||209k||220k||221k|
|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||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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