Treasuries are little changed this morning following a relatively uneventful overnight session.  Global equity markets are quiet today as well, with little movement in either direction. There was one negative headline on the trade front. Another $16 billion tariff tranche was implemented versus China, but it was not a surprise or big deal from a market perspective. However, a Wall Street Journal article suggests that the probability of another 25% tariff versus $200 billion of Chinese goods is higher than the markets currently anticipate. The July existing home sales report released yesterday showed a fourth consecutive monthly decline in activity (-0.7% versus 0.4% expected). Sales are now at the slowest pace since February 2016, and while some of the weakness is being attributed to low inventory levels, higher mortgage rates and home prices are also likely factors affecting the housing market.

Jason Haley
Managing Director, Investment Management Group

Date Time Event Survey Actual Prior Revised
08/22/2018 MBA Mortgage Applications 4.20% -2.00%
08/22/2018 Existing Home Sales 5.40m 5.34m 5.38m
08/22/2018 Existing Home Sales MoM 0.40% -0.70% -0.60%
08/22/2018 FOMC Meeting Minutes
08/23/2018 Initial Jobless Claims 215k 210k 212k
08/23/2018 Continuing Claims 1730k 1727k 1721k 1729k
08/23/2018 FHFA House Price Index MoM 0.30% 0.20% 0.20% 0.40%
08/23/2018 House Price Purchase Index QoQ 1.10% 1.70% 1.90%
08/23/2018 Bloomberg Consumer Comfort 58.9
08/23/2018 Markit US Manufacturing PMI 55 55.3
08/23/2018 Markit US Services PMI 55.8 56
08/23/2018 Markit US Composite PMI 55.7
08/23/2018 New Home Sales 645k 631k
08/23/2018 New Home Sales MoM 2.20% -5.30%
08/23/2018 Kansas City Fed Manf. Activity 23 23
08/24/2018 Durable Goods Orders -1.00% 0.80%
08/24/2018 Durables Ex Transportation 0.50% 0.20%
08/24/2018 Cap Goods Orders Nondef Ex Air 0.50% 0.20%
08/24/2018 Cap Goods Ship Nondef Ex Air 0.30% 0.70%