February 18, 2020 Headlines

Concerns over the economic impact of the coronavirus outbreak continue to weigh on financial markets. Apple warned last night that it no longer expects to meet its quarterly revenue guidance due to supply and demand disruptions caused by coronavirus. U.S. equity futures are down approximately 0.5%, and Treasury yields are 3 bps lower. This week’s economic calendar is relatively light and will be headlined by the release of the January 29 FOMC minutes tomorrow. Several regional Fed bank presidents will also be speaking this week.

Jason Haley
Chief Investment Officer

2/18/20Empire Manufacturing512.94.8
2/18/20NAHB Housing Market Index7575
2/18/20Net Long-term TIC Flows$22.9b
2/18/20Total Net TIC Flows$73.1b
2/19/20MBA Mortgage Applications1.10%
2/19/20Housing Starts1420k1608k
2/19/20Housing Starts MoM-11.70%16.90%
2/19/20Building Permits1450k1416k1420k
2/19/20Building Permits MoM2.10%-3.90%-3.70%
2/19/20PPI Final Demand MoM0.10%0.10%0.20%
2/19/20PPI Ex Food, Energy, Trade MoM0.10%0.10%0.20%
2/19/20PPI Ex Food and Energy MoM0.20%0.10%
2/19/20PPI Final Demand YoY1.60%1.30%
2/19/20PPI Ex Food and Energy YoY1.30%1.10%
2/19/20PPI Ex Food, Energy, Trade YoY1.50%
2/19/20FOMC Meeting Minutes
2/20/20Philadelphia Fed Business Outlook1117
2/20/20Initial Jobless Claims210k205k
2/20/20Continuing Claims1721k1698k
2/20/20Bloomberg Economic Expectations56
2/20/20Bloomberg Consumer Comfort65.7
2/20/20Leading Index0.40%-0.30%
2/21/20Markit US Manufacturing PMI51.551.9
2/21/20Markit US Services PMI53.553.4
2/21/20Markit US Composite PMI53.3
2/21/20Revisions: Existing Home Sales
2/21/20Existing Home Sales5.45m5.54m
2/21/20Existing Home Sales MoM-1.70%3.60%



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