August 7, 2019 Headlines

Treasury yields are sharply lower again this morning after multiple Asian central banks unexpectedly cut benchmark rates overnight. S&P 500 futures are down more than 1% on the day. The escalation of trade tensions between the U.S. and China remains the dominant factor affecting financial markets. While some are focused on central bank rate cuts, that alone is not enough to counter the economic impact of a prolonged trade war. If these tensions continue, expectations for balance sheet expansion (asset purchases) by the ECB and Fed in the near future will ratchet higher.

Jason Haley
Managing Director, Investment Management Group

8/5/2019Markit US Services PMI52.25352.2
8/5/2019Markit US Composite PMI52.651.6
8/5/2019ISM Non-Manufacturing Index55.553.755.1
8/6/2019JOLTS Job Openings7326734873237384
8/7/2019MBA Mortgage Applications5.30%-1.40%
8/7/2019Consumer Credit$16.100b$17.086b
8/8/2019Initial Jobless Claims215k215k
8/8/2019Continuing Claims1690k1699k
8/8/2019Bloomberg Aug. United States Economic Survey
8/8/2019Bloomberg Consumer Comfort64.7
8/8/2019Wholesale Trade Sales MoM0.20%0.10%
8/8/2019Wholesale Inventories MoM0.20%0.20%
8/9/2019PPI Final Demand MoM0.20%0.10%
8/9/2019PPI Ex Food and Energy MoM0.20%0.30%
8/9/2019PPI Ex Food, Energy, Trade MoM0.20%0.00%
8/9/2019PPI Final Demand YoY1.70%1.70%
8/9/2019PPI Ex Food and Energy YoY2.30%2.30%
8/9/2019PPI Ex Food, Energy, Trade YoY2.10%




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