December 16, 2019 Headlines

Treasury prices fell overnight on better economic data from China, but the sell-off has moderated somewhat following mixed data out of Europe. Major stock indices are higher today on general trade optimism. US Trade Representative Robert Lighthizer appeared on CBS’ Face The Nation yesterday and said that the phase-one deal is “totally done” despite a date not being set for a formal signing. The domestic economic calendar for the week is relatively light, with the November PCE report (Friday) headlining activity.

Jason Haley
Chief Investment Officer

Date	Event	Survey	Actual	Prior	Revised
12/16/2019	Empire Manufacturing	4	3.5	2.9	—
12/16/2019	Markit US Manufacturing PMI	52.6	—	52.6	—
12/16/2019	Markit US Services PMI	52	—	51.6	—
12/16/2019	Markit US Composite PMI	—	—	52	—
12/16/2019	NAHB Housing Market Index	70	—	70	—
12/16/2019	Net Long-term TIC Flows	—	—	$49.5b	—
12/16/2019	Total Net TIC Flows	—	—	-$37.6b	—
12/17/2019	Housing Starts	1344k	—	1314k	—
12/17/2019	Building Permits	1418k	—	1461k	—
12/17/2019	Housing Starts MoM	2.30%	—	3.80%	—
12/17/2019	Building Permits MoM	-2.90%	—	5.00%	—
12/17/2019	Industrial Production MoM	0.80%	—	-0.80%	—
12/17/2019	Manufacturing (SIC) Production	0.90%	—	-0.60%	—
12/17/2019	Capacity Utilization	77.40%	—	76.70%	—
12/17/2019	JOLTS Job Openings	7009	—	7024	—
12/18/2019	MBA Mortgage Applications	—	—	3.80%	—
12/19/2019	Current Account Balance	-$122.1b	—	-$128.2b	—
12/19/2019	Philadelphia Fed Business Outlook	8	—	10.4	—
12/19/2019	Initial Jobless Claims	225k	—	252k	—
12/19/2019	Continuing Claims	1672k	—	1667k	—
12/19/2019	Bloomberg Consumer Comfort	—	—	62.1	—
12/19/2019	Bloomberg Economic Expectations	—	—	51.5	—
12/19/2019	Leading Index	0.10%	—	-0.10%	—
12/19/2019	Existing Home Sales	5.44m	—	5.46m	—
12/19/2019	Existing Home Sales MoM	-0.40%	—	1.90%	—
12/20/2019	GDP Annualized QoQ	2.10%	—	2.10%	—
12/20/2019	Personal Consumption	2.90%	—	2.90%	—
12/20/2019	GDP Price Index	1.80%	—	1.80%	—
12/20/2019	Core PCE QoQ	2.10%	—	2.10%	—
12/20/2019	Personal Income	0.30%	—	0.00%	—
12/20/2019	Personal Spending	0.40%	—	0.30%	—
12/20/2019	Real Personal Spending	0.20%	—	0.10%	—
12/20/2019	PCE Deflator MoM	0.20%	—	0.20%	—
12/20/2019	PCE Deflator YoY	1.40%	—	1.30%	—
12/20/2019	PCE Core Deflator MoM	0.10%	—	0.10%	—
12/20/2019	PCE Core Deflator YoY	1.50%	—	1.60%	—
12/20/2019	U. of Mich. Sentiment	99.2	—	99.2	—
12/20/2019	U. of Mich. Current Conditions	—	—	115.2	—
12/20/2019	U. of Mich. Expectations	—	—	88.9	—
12/20/2019	U. of Mich. 1 Yr Inflation	—	—	2.40%	—
12/20/2019	U. of Mich. 5-10 Yr Inflation	—	—	2.30%	—
12/20/2019	Kansas City Fed Manf. Activity	-3	—	-3	—

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