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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