Treasury prices are modestly lower following a relatively quiet overnight session. U.S. equity futures were initially lower with investors anxious given the recent slump in tech stocks, but both S&P 500 and Nasdaq futures have bounced are now positive on the day. On the tax reform front, the reconciliation process kicked off yesterday with the House and Senate forming committees to spearhead the combination of the two bills. Despite some large differences to overcome, some insiders are suggesting that reconciled legislation could reach President Trump’s desk by the end of next week. At the same time, GOP leaders are working with the White House to discuss new short-term budget extensions (continuing resolutions) to keep the government funded into early 2018 (and through the tax reform process).
Jason Haley
Managing Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 12/04 | Factory Orders | -0.40% | -0.10% | 1.40% | 1.70% |
| 12/04 | Factory Orders Ex Trans | — | 0.80% | 0.70% | 1.10% |
| 12/04 | Durable Goods Orders | -1.10% | -0.80% | -1.20% | — |
| 12/04 | Durables Ex Transportation | — | 0.90% | 0.40% | — |
| 12/04 | Cap Goods Orders Nondef Ex Air | — | 0.30% | -0.50% | — |
| 12/04 | Cap Goods Ship Nondef Ex Air | — | 1.10% | 0.40% | — |
| 12/05 | Trade Balance | -$47.5b | -$48.7b | -$43.5b | -$44.9b |
| 12/05 | Markit US Services PMI | 55.2 | 54.5 | 54.7 | — |
| 12/05 | Markit US Composite PMI | — | 54.5 | 54.6 | — |
| 12/05 | ISM Non-Manf. Composite | 59 | — | 60.1 | — |
| 12/06 | MBA Mortgage Applications | — | — | -3.10% | — |
| 12/06 | ADP Employment Change | 190k | — | 235k | — |
| 12/06 | Nonfarm Productivity | 3.30% | — | 3.00% | — |
| 12/06 | Unit Labor Costs | 0.20% | — | 0.50% | — |
| 12/07 | Challenger Job Cuts YoY | — | — | -3.00% | — |
| 12/07 | Initial Jobless Claims | 240k | — | 238k | — |
| 12/07 | Continuing Claims | 1915k | — | 1957k | — |
| 12/07 | Bloomberg Consumer Comfort | — | — | 51.6 | — |
| 12/07 | Household Change in Net Worth | — | — | $1698b | — |
| 12/07 | Consumer Credit | $17.000b | — | $20.830b | — |
| 12/08 | Change in Nonfarm Payrolls | 197k | — | 261k | — |
| 12/08 | Two-Month Payroll Net Revision | — | — | 90k | — |
| 12/08 | Change in Private Payrolls | 200k | — | 252k | — |
| 12/08 | Change in Manufact. Payrolls | 15k | — | 24k | — |
| 12/08 | Unemployment Rate | 4.10% | — | 4.10% | — |
| 12/08 | Average Hourly Earnings MoM | 0.30% | — | 0.00% | — |
| 12/08 | Average Hourly Earnings YoY | 2.70% | — | 2.40% | — |
| 12/08 | Average Weekly Hours All Employees | 34.4 | — | 34.4 | — |
| 12/08 | Labor Force Participation Rate | — | — | 62.70% | — |
| 12/08 | Underemployment Rate | — | — | 7.90% | — |
| 12/08 | Wholesale Inventories MoM | -0.40% | — | -0.40% | — |
| 12/08 | Wholesale Trade Sales MoM | 0.30% | — | 1.30% | — |
| 12/08 | U. of Mich. Sentiment | 99 | — | 98.5 | — |
| 12/08 | U. of Mich. Current Conditions | 114 | — | 113.5 | — |
| 12/08 | U. of Mich. Expectations | — | — | 88.9 | — |
| 12/08 | U. of Mich. 1 Yr Inflation | — | — | 2.50% | — |
| 12/08 | U. of Mich. 5-10 Yr Inflation | — | — | 2.40% | — |