December 18, 2019 Headlines

Treasury prices are unchanged to slightly lower this morning following an uneventful overnight session. S&P 500 futures are essentially unchanged as well ahead of the open.  The House will vote on impeachment articles against President Trump today, and while the House vote is largely expected to pass, there is a very high probability that the Senate will acquit the president. As such, financial markets have been more dismissive of this event. Boston Fed President Eric Rosengren expressed confidence in the Fed’s decision to keep rate policy on hold for the near term during a speech yesterday. Rosengren had voted against all three rate cuts this year, citing financial stability concerns on multiple occasions.

Jason Haley
Chief Investment Officer

12/18/2019MBA Mortgage Applications-5.00%3.80%
12/19/2019Current Account Balance-$122.0b-$128.2b
12/19/2019Philadelphia Fed Business Outlook810.4
12/19/2019Initial Jobless Claims225k252k
12/19/2019Continuing Claims1676k1667k
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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