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

12/16/2019Empire Manufacturing43.52.9
12/16/2019Markit US Manufacturing PMI52.652.6
12/16/2019Markit US Services PMI5251.6
12/16/2019Markit US Composite PMI52
12/16/2019NAHB Housing Market Index7070
12/16/2019Net Long-term TIC Flows$49.5b
12/16/2019Total Net TIC Flows-$37.6b
12/17/2019Housing Starts1344k1314k
12/17/2019Building Permits1418k1461k
12/17/2019Housing Starts MoM2.30%3.80%
12/17/2019Building Permits MoM-2.90%5.00%
12/17/2019Industrial Production MoM0.80%-0.80%
12/17/2019Manufacturing (SIC) Production0.90%-0.60%
12/17/2019Capacity Utilization77.40%76.70%
12/17/2019JOLTS Job Openings70097024
12/18/2019MBA Mortgage Applications3.80%
12/19/2019Current Account Balance-$122.1b-$128.2b
12/19/2019Philadelphia Fed Business Outlook810.4
12/19/2019Initial Jobless Claims225k252k
12/19/2019Continuing Claims1672k1667k
12/19/2019Bloomberg Consumer Comfort62.1
12/19/2019Bloomberg Economic Expectations51.5
12/19/2019Leading Index0.10%-0.10%
12/19/2019Existing Home Sales5.44m5.46m
12/19/2019Existing Home Sales MoM-0.40%1.90%
12/20/2019GDP Annualized QoQ2.10%2.10%
12/20/2019Personal Consumption2.90%2.90%
12/20/2019GDP Price Index1.80%1.80%
12/20/2019Core PCE QoQ2.10%2.10%
12/20/2019Personal Income0.30%0.00%
12/20/2019Personal Spending0.40%0.30%
12/20/2019Real Personal Spending0.20%0.10%
12/20/2019PCE Deflator MoM0.20%0.20%
12/20/2019PCE Deflator YoY1.40%1.30%
12/20/2019PCE Core Deflator MoM0.10%0.10%
12/20/2019PCE Core Deflator YoY1.50%1.60%
12/20/2019U. of Mich. Sentiment99.299.2
12/20/2019U. of Mich. Current Conditions115.2
12/20/2019U. of Mich. Expectations88.9
12/20/2019U. of Mich. 1 Yr Inflation2.40%
12/20/2019U. of Mich. 5-10 Yr Inflation2.30%
12/20/2019Kansas City Fed Manf. Activity-3-3



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