December 11, 2019 Headlines

US Treasuries traded in a tight range overnight as all eyes are on the FOMC decision and press conference later today. This morning’s CPI headline numbers came in slightly higher than surveyed estimates at .3% MoM and 2.1% YoY. Core CPI meet consensus expectations at 2.3% YoY. When looking at inflation, the Core CPI number is a more widely used gauge because it excludes volatile food and energy prices. Policy makers at the Federal Reserve are expected to keep short-term interest rates unchanged and subdued inflation strengthens their case.

Chris Eckhoff
Associate, Investment Management Group

12/10/2019NFIB Small Business Optimism103104.7102.4
12/10/2019Nonfarm Productivity-0.10%-0.20%-0.30%
12/10/2019Unit Labor Costs3.40%2.50%3.60%
12/11/2019MBA Mortgage Applications3.80%-9.20%
12/11/2019CPI MoM0.20%0.30%0.40%
12/11/2019CPI Ex Food and Energy MoM0.20%0.20%0.20%
12/11/2019CPI YoY2.00%2.10%1.80%
12/11/2019CPI Ex Food and Energy YoY2.30%2.30%2.30%
12/11/2019CPI Core Index SA265.476265.62265.011
12/11/2019CPI Index NSA257.213257.21257.346
12/11/2019Real Avg Weekly Earnings YoY1.10%0.90%1.10%
12/11/2019Real Avg Hourly Earning YoY1.10%1.20%1.40%
12/11/2019FOMC Rate Decision (Upper Bound)1.75%1.75%
12/11/2019FOMC Rate Decision (Lower Bound)1.50%1.50%
12/11/2019Interest Rate on Excess Reserves1.55%1.55%
12/11/2019Monthly Budget Statement-$206.2b-$100.5b
12/12/2019PPI Final Demand MoM0.20%0.40%
12/12/2019PPI Ex Food and Energy MoM0.20%0.30%
12/12/2019PPI Ex Food, Energy, Trade MoM0.20%0.10%
12/12/2019PPI Final Demand YoY1.30%1.10%
12/12/2019PPI Ex Food and Energy YoY1.70%1.60%
12/12/2019PPI Ex Food, Energy, Trade YoY1.50%
12/12/2019Initial Jobless Claims214k203k
12/12/2019Continuing Claims1678k1693k
12/12/2019Bloomberg Consumer Comfort61.7
12/12/2019Household Change in Net Worth$1830b
12/13/2019Import Price Index MoM0.20%-0.50%
12/13/2019Import Price Index ex Petroleum MoM-0.10%-0.10%
12/13/2019Import Price Index YoY-1.20%-3.00%
12/13/2019Export Price Index MoM0.10%-0.10%
12/13/2019Export Price Index YoY-2.20%
12/13/2019Retail Sales Advance MoM0.50%0.30%
12/13/2019Retail Sales Ex Auto MoM0.40%0.20%
12/13/2019Retail Sales Ex Auto and Gas0.40%0.10%
12/13/2019Retail Sales Control Group0.30%0.30%
12/13/2019Bloomberg Dec. United States Economic Survey
12/13/2019Business Inventories0.20%0.00%




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