December 12, 2019 Headlines

Following three straight meetings that cut the fed funds rate, the FOMC decided unanimously to leave the target range unchanged at 1.5%-1.75%. The decision to leave short term rates unchanged was as-expected, however, there were some changes to the official statement. The FOMC mentioned that rates are currently “appropriate” to support growth, jobs and inflation while removing the statement that “uncertainties about this outlook remain. Fed Chairman Powell also echoed these comments in his press conference suggesting the central bank will keep rates unchanged unless there is a meaningful change in its outlook.

This morning, US Treasuries were mixed on thin volume as short-end yields moved slightly lower and 1-2 basis higher for the long-end. While the Fed announced their policy decision yesterday afternoon, market participants are still waiting for details on the Temporary Open Market Operation plans to provide liquidity to the repo markets. Other key events on the schedule include President Trump meeting with key trade advisors ahead of the December 15th deadline, the European Central Bank decision, and UK election

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 NSA257.213257.208257.346
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%1.75%
12/11/2019Monthly Budget Statement-$206.2b-$208.8b-$204.9b
12/11/2019FOMC Rate Decision (Lower Bound)1.50%1.50%1.50%
12/11/2019Interest Rate on Excess Reserves1.55%1.55%1.55%
12/12/2019PPI Final Demand MoM0.20%0.00%0.40%
12/12/2019PPI Ex Food and Energy MoM0.20%-0.20%0.30%
12/12/2019PPI Ex Food, Energy, Trade MoM0.20%0.00%0.10%
12/12/2019PPI Final Demand YoY1.30%1.10%1.10%
12/12/2019PPI Ex Food and Energy YoY1.70%1.30%1.60%
12/12/2019PPI Ex Food, Energy, Trade YoY1.30%1.50%
12/12/2019Initial Jobless Claims214k252k203k
12/12/2019Continuing Claims1678k1667k1693k1698k
12/12/2019Bloomberg Consumer Comfort62.161.7
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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