August 9, 2019 Headlines

Yesterday was another volatile session for Treasuries. Yields were higher in the morning on reports of potential heavy issuance of government debt from Germany and anticipation of the U.S. 30-year auction early yesterday afternoon, but Treasuries reversed course after the auction on reports of more political turmoil in Italy. Yields are modestly lower this morning on reports that the U.S. is holding off on granting any waivers to American tech firms selling components to Huawei (response to China not buying U.S. agricultural products). European equities are down 1% (Italy -2.5%), and S&P 500 futures are lower as well ahead of the open (-0.6%). Looking ahead, market sentiment will continue to be heavily affected by trade headlines, but on the economic data front, the July CPI report will be released on Tuesday and July retail sales on Thursday.

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	$14.596b	$17.086b	$17.793b
8/8/2019	Initial Jobless Claims	215k	209k	215k	217k
8/8/2019	Continuing Claims	1690k	1684k	1699k	—
8/8/2019	Bloomberg Aug. United States Economic Survey (Table)
8/8/2019	Bloomberg Consumer Comfort	—	62.9	64.7	—
8/8/2019	Wholesale Trade Sales MoM	0.20%	-0.30%	0.10%	-0.60%
8/8/2019	Wholesale Inventories MoM	0.20%	0.00%	0.20%	—
8/9/2019	PPI Final Demand MoM	0.20%	0.20%	0.10%	—
8/9/2019	PPI Ex Food and Energy MoM	0.10%	-0.10%	0.30%	—
8/9/2019	PPI Ex Food, Energy, Trade MoM	0.20%	-0.10%	0.00%	—
8/9/2019	PPI Final Demand YoY	1.70%	1.70%	1.70%	—
8/9/2019	PPI Ex Food and Energy YoY	2.30%	2.10%	2.30%	—
8/9/2019	PPI Ex Food, Energy, Trade YoY	—	1.70%	2.10%	—

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