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

12/18NAHB Housing Market Index70747069
12/19Housing Starts1250k1297k1290k1256k
12/19Housing Starts MoM-3.10%3.30%13.70%8.40%
12/19Building Permits1270k1298k1297k1316k
12/19Building Permits MoM-3.50%-1.40%5.90%7.40%
12/19Current Account Balance-$116.2b-$100.6b-$123.1b-$124.4b
12/20MBA Mortgage Applications-4.90%-2.30%
12/20Existing Home Sales5.53m5.81m5.48m5.50m
12/20Existing Home Sales MoM0.90%5.60%2.00%2.40%
12/21Philadelphia Fed Business Outlook2126.222.7
12/21GDP Annualized QoQ3.30%3.20%3.30%
12/21Personal Consumption2.30%2.20%2.30%
12/21GDP Price Index2.10%2.10%2.10%
12/21Core PCE QoQ1.40%1.30%1.40%
12/21Initial Jobless Claims233k245k225k
12/21Continuing Claims1898k1932k1886k1889k
12/21Chicago Fed Nat Activity Index0.50.150.650.76
12/21FHFA House Price Index MoM0.40%0.50%0.30%0.50%
12/21Bloomberg Consumer Comfort50.851.3
12/21Bloomberg Economic Expectations4753
12/21Leading Index0.40%1.20%
12/22Personal Income0.40%0.40%
12/22Personal Spending0.50%0.30%
12/22Real Personal Spending0.20%0.10%
12/22PCE Deflator MoM0.30%0.10%
12/22PCE Deflator YoY1.80%1.60%
12/22PCE Core MoM0.10%0.20%
12/22PCE Core YoY1.50%1.40%
12/22Durable Goods Orders2.00%-0.80%
12/22Durables Ex Transportation0.50%0.90%
12/22Cap Goods Orders Nondef Ex Air0.50%0.30%
12/22Cap Goods Ship Nondef Ex Air0.30%1.10%
12/22New Home Sales655k685k
12/22New Home Sales MoM-4.40%6.20%
12/22U. of Mich. Sentiment97.296.8
12/22U. of Mich. Current Conditions115.9
12/22U. of Mich. Expectations84.6
12/22U. of Mich. 1 Yr Inflation2.80%
12/22U. of Mich. 5-10 Yr Inflation2.50%
12/22Kansas City Fed Manf. Activity1516