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

Date Event Survey Actual Prior Revised
8/5/2019 Markit US Services PMI 52.2 53 52.2
8/5/2019 Markit US Composite PMI 52.6 51.6
8/5/2019 ISM Non-Manufacturing Index 55.5 53.7 55.1
8/6/2019 JOLTS Job Openings 7326 7348 7323 7384
8/7/2019 MBA Mortgage Applications 5.30% -1.40%
8/7/2019 Consumer Credit $16.100b $17.086b
8/8/2019 Initial Jobless Claims 215k 215k
8/8/2019 Continuing Claims 1690k 1699k
8/8/2019 Bloomberg Aug. United States Economic Survey
8/8/2019 Bloomberg Consumer Comfort 64.7
8/8/2019 Wholesale Trade Sales MoM 0.20% 0.10%
8/8/2019 Wholesale Inventories MoM 0.20% 0.20%
8/9/2019 PPI Final Demand MoM 0.20% 0.10%
8/9/2019 PPI Ex Food and Energy MoM 0.20% 0.30%
8/9/2019 PPI Ex Food, Energy, Trade MoM 0.20% 0.00%
8/9/2019 PPI Final Demand YoY 1.70% 1.70%
8/9/2019 PPI Ex Food and Energy YoY 2.30% 2.30%
8/9/2019 PPI Ex Food, Energy, Trade YoY 2.10%




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