Treasury yields are drifting higher again this morning on light volumes, with the 10-year yield approaching 2.50% following yesterday’s sharp sell-off (+15 bps on the week). Additionally, the yield curve is 10 bps steeper on the week (2yr/10yr spread). U.S. equities are little changed this morning following news that the Senate was able to pass the tax bill shortly after midnight. The bill must now go back to the House for a procedural matter (minor changes by the Senate), and President Trump is expected to sign it into law before the week is over.
Jason Haley
Managing Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 12/18 | NAHB Housing Market Index | 70 | 74 | 70 | 69 |
| 12/19 | Housing Starts | 1250k | 1297k | 1290k | 1256k |
| 12/19 | Housing Starts MoM | -3.10% | 3.30% | 13.70% | 8.40% |
| 12/19 | Building Permits | 1270k | 1298k | 1297k | 1316k |
| 12/19 | Building Permits MoM | -3.50% | -1.40% | 5.90% | 7.40% |
| 12/19 | Current Account Balance | -$116.2b | -$100.6b | -$123.1b | -$124.4b |
| 12/20 | MBA Mortgage Applications | — | -4.90% | -2.30% | — |
| 12/20 | Existing Home Sales | 5.53m | 5.81m | 5.48m | 5.50m |
| 12/20 | Existing Home Sales MoM | 0.90% | 5.60% | 2.00% | 2.40% |
| 12/21 | Philadelphia Fed Business Outlook | 21 | — | 22.7 | — |
| 12/21 | GDP Annualized QoQ | 3.30% | — | 3.30% | — |
| 12/21 | Personal Consumption | 2.30% | — | 2.30% | — |
| 12/21 | GDP Price Index | 2.10% | — | 2.10% | — |
| 12/21 | Core PCE QoQ | 1.40% | — | 1.40% | — |
| 12/21 | Initial Jobless Claims | 233k | — | 225k | — |
| 12/21 | Continuing Claims | 1898k | — | 1886k | — |
| 12/21 | Chicago Fed Nat Activity Index | 0.5 | — | 0.65 | — |
| 12/21 | FHFA House Price Index MoM | 0.40% | — | 0.30% | — |
| 12/21 | Bloomberg Consumer Comfort | — | — | 51.3 | — |
| 12/21 | Bloomberg Economic Expectations | — | — | 53 | — |
| 12/21 | Leading Index | 0.40% | — | 1.20% | — |
| 12/22 | Personal Income | 0.40% | — | 0.40% | — |
| 12/22 | Personal Spending | 0.50% | — | 0.30% | — |
| 12/22 | Real Personal Spending | 0.20% | — | 0.10% | — |
| 12/22 | PCE Deflator MoM | 0.30% | — | 0.10% | — |
| 12/22 | PCE Deflator YoY | 1.80% | — | 1.60% | — |
| 12/22 | PCE Core MoM | 0.10% | — | 0.20% | — |
| 12/22 | PCE Core YoY | 1.50% | — | 1.40% | — |
| 12/22 | Durable Goods Orders | 2.00% | — | -0.80% | — |
| 12/22 | Durables Ex Transportation | 0.50% | — | 0.90% | — |
| 12/22 | Cap Goods Orders Nondef Ex Air | 0.50% | — | 0.30% | — |
| 12/22 | Cap Goods Ship Nondef Ex Air | 0.30% | — | 1.10% | — |
| 12/22 | New Home Sales | 655k | — | 685k | — |
| 12/22 | New Home Sales MoM | -4.40% | — | 6.20% | — |
| 12/22 | U. of Mich. Sentiment | 97.2 | — | 96.8 | — |
| 12/22 | U. of Mich. Current Conditions | — | — | 115.9 | — |
| 12/22 | U. of Mich. Expectations | — | — | 84.6 | — |
| 12/22 | U. of Mich. 1 Yr Inflation | — | — | 2.80% | — |
| 12/22 | U. of Mich. 5-10 Yr Inflation | — | — | 2.50% | — |
| 12/22 | Kansas City Fed Manf. Activity | 15 | — | 16 | — |