August 25, 2020 Headlines

Treasury yields are higher and steeper as risk markets respond favorably to U.S./China trade headlines. The 10-year yield is at 0.70% this morning, up 8 bps from yesterday morning, and U.S. equity futures are up 50 bps ahead of the open. Treasury Secretary Steve Mnuchin and U.S. Trade Representative Rob Lighthizer had a call with Chinese Vice Premier Liu He last night to discuss implementation of the phase one trade deal, according to a statement released by U.S. officials. Any signs of de-escalation of the recent tensions between the two countries is a positive from a market perspective, even if there were no actionable takeaways from the call. 

Jason Haley
Chief Investment Officer

8/25/20FHFA House Price Index MoM0.30%0.90%-0.30%-0.20%
8/25/20House Price Purchase Index QoQ0.80%1.70%
8/25/20S&P CoreLogic CS 20-City MoM SA0.10%0.00%0.04%-0.03%
8/25/20S&P CoreLogic CS 20-City YoY NSA3.60%3.46%3.69%3.61%
8/25/20S&P CoreLogic CS 20-City NSA Index225.1224.76224.6
8/25/20S&P CoreLogic CS US HPI YoY NSA4.29%4.46%4.32%
8/25/20S&P CoreLogic CS US HPI NSA Index219.8218.87218.6
8/25/20Conf. Board Consumer Confidence9392.6
8/25/20Conf. Board Present Situation94.2
8/25/20Conf. Board Expectations91.5
8/25/20New Home Sales790k776k
8/25/20New Home Sales MoM1.80%13.80%
8/25/20Richmond Fed Manufact. Index1010
8/26/20MBA Mortgage Applications-3.30%
8/26/20Durable Goods Orders4.50%7.60%
8/26/20Durables Ex Transportation1.90%3.60%
8/26/20Cap Goods Orders Nondef Ex Air1.70%3.40%
8/26/20Cap Goods Ship Nondef Ex Air1.80%3.30%
8/27/20GDP Annualized QoQ-32.50%-32.90%
8/27/20Personal Consumption-34.60%-34.60%
8/27/20GDP Price Index-1.80%-1.80%
8/27/20Core PCE QoQ-1.10%-1.10%
8/27/20Initial Jobless Claims1000k1106k
8/27/20Continuing Claims14400k14844k
8/27/20Bloomberg Consumer Comfort43.5
8/27/20Pending Home Sales MoM2.00%16.60%
8/27/20Pending Home Sales NSA YoY12.70%
8/27/20Kansas City Fed Manf. Activity53
8/28/20Personal Income-0.40%-1.10%
8/28/20Advance Goods Trade Balance-$72.0b-$70.6b
8/28/20Wholesale Inventories MoM-0.80%-1.40%
8/28/20Personal Spending1.50%5.60%
8/28/20Real Personal Spending1.50%5.20%
8/28/20Retail Inventories MoM-1.00%-2.60%
8/28/20PCE Deflator MoM0.40%0.40%
8/28/20PCE Deflator YoY1.00%0.80%
8/28/20PCE Core Deflator MoM0.50%0.20%
8/28/20PCE Core Deflator YoY1.20%0.90%
8/28/20MNI Chicago PMI52.551.9
8/28/20U. of Mich. Sentiment72.872.8
8/28/20U. of Mich. Current Conditions82.5
8/28/20U. of Mich. Expectations66.5
8/28/20U. of Mich. 1 Yr Inflation3.00%
8/28/20U. of Mich. 5-10 Yr Inflation2.70%


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