Treasury yields are near the same levels as yesterday’s close, with the 10 year sitting at 2.49%. Third quarter GDP was revised lower to 3.2% from 3.3s, while personal consumption was revised by a tenth as well to 2.2%. Initial jobless claims saw an increase of 20,000 from the prior week, which would normally be read as a negative for the economy, but given the fact that the prior week saw a decent decrease of 11,000 and that claims data tends to be volatile around the holidays, the market is largely shrugging off this release. As a note, tomorrow the market closes early at 2 PM EST in observance of Christmas.
Hafizan Hamzah
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 | 26.2 | 22.7 | — |
| 12/21 | GDP Annualized QoQ | 3.30% | 3.20% | 3.30% | — |
| 12/21 | Personal Consumption | 2.30% | 2.20% | 2.30% | — |
| 12/21 | GDP Price Index | 2.10% | 2.10% | 2.10% | — |
| 12/21 | Core PCE QoQ | 1.40% | 1.30% | 1.40% | — |
| 12/21 | Initial Jobless Claims | 233k | 245k | 225k | — |
| 12/21 | Continuing Claims | 1898k | 1932k | 1886k | 1889k |
| 12/21 | Chicago Fed Nat Activity Index | 0.5 | 0.15 | 0.65 | 0.76 |
| 12/21 | FHFA House Price Index MoM | 0.40% | 0.50% | 0.30% | 0.50% |
| 12/21 | Bloomberg Consumer Comfort | — | 50.8 | 51.3 | — |
| 12/21 | Bloomberg Economic Expectations | — | 47 | 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 | — |