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% | — |