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

Date Event Survey Actual Prior Revised
2/18/20 Empire Manufacturing 5 12.9 4.8
2/18/20 NAHB Housing Market Index 75 75
2/18/20 Net Long-term TIC Flows $22.9b
2/18/20 Total Net TIC Flows $73.1b
2/19/20 MBA Mortgage Applications 1.10%
2/19/20 Housing Starts 1420k 1608k
2/19/20 Housing Starts MoM -11.70% 16.90%
2/19/20 Building Permits 1450k 1416k 1420k
2/19/20 Building Permits MoM 2.10% -3.90% -3.70%
2/19/20 PPI Final Demand MoM 0.10% 0.10% 0.20%
2/19/20 PPI Ex Food, Energy, Trade MoM 0.10% 0.10% 0.20%
2/19/20 PPI Ex Food and Energy MoM 0.20% 0.10%
2/19/20 PPI Final Demand YoY 1.60% 1.30%
2/19/20 PPI Ex Food and Energy YoY 1.30% 1.10%
2/19/20 PPI Ex Food, Energy, Trade YoY 1.50%
2/19/20 FOMC Meeting Minutes
2/20/20 Philadelphia Fed Business Outlook 11 17
2/20/20 Initial Jobless Claims 210k 205k
2/20/20 Continuing Claims 1721k 1698k
2/20/20 Bloomberg Economic Expectations 56
2/20/20 Bloomberg Consumer Comfort 65.7
2/20/20 Leading Index 0.40% -0.30%
2/21/20 Markit US Manufacturing PMI 51.5 51.9
2/21/20 Markit US Services PMI 53.5 53.4
2/21/20 Markit US Composite PMI 53.3
2/21/20 Revisions: Existing Home Sales
2/21/20 Existing Home Sales 5.45m 5.54m
2/21/20 Existing Home Sales MoM -1.70% 3.60%



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