February 19, 2020 Headlines

Overnight headlines continue to be dominated by the spread of the coronavirus and the potential impact on globalized markets. The latest update showed a slowdown in new cases and nudged US Treasury prices lower. However, in London trading, US Treasuries reversed course as new cases were identified in South Korea and an Adidas report that showed business activity in China has decreased by 85% when compared to the previous year. At the open, the 10-year is yield is 1 basis point higher to 1.57% and the implied open on the S&P 500 is +.33%. Later today, the markets will be focused on the release of the FOMC minutes, as well as speeches from five Fed officials.

Chris Eckhoff
Associate, Investment Management Group

Date TimeEventSurveyActualPriorRevised
2/18/2020Empire Manufacturing512.94.8
2/18/2020NAHB Housing Market Index757475
2/18/2020Net Long-term TIC Flows$85.6b$22.9b$27.1b
2/18/2020Total Net TIC Flows$78.2b$73.1b$77.3b
2/19/2020MBA Mortgage Applications-6.40%1.10%
2/19/2020Housing Starts1428k1567k1608k1626k
2/19/2020Housing Starts MoM-11.20%-3.60%16.90%17.70%
2/19/2020Building Permits1450k1551k1416k1420k
2/19/2020Building Permits MoM2.10%9.20%-3.90%-3.70%
2/19/2020PPI Final Demand MoM0.10%0.50%0.10%0.20%
2/19/2020PPI Ex Food and Energy MoM0.20%0.50%0.10%
2/19/2020PPI Ex Food, Energy, Trade MoM0.10%0.40%0.10%0.20%
2/19/2020PPI Final Demand YoY1.60%2.10%1.30%
2/19/2020PPI Ex Food and Energy YoY1.30%1.70%1.10%
2/19/2020PPI Ex Food, Energy, Trade YoY1.50%1.50%
2/19/2020FOMC Meeting Minutes
2/20/2020Philadelphia Fed Business Outlook1117
2/20/2020Initial Jobless Claims210k205k
2/20/2020Continuing Claims1717k1698k
2/20/2020Bloomberg Economic Expectations56
2/20/2020Bloomberg Consumer Comfort65.7
2/20/2020Leading Index0.40%-0.30%
2/21/2020Markit US Manufacturing PMI51.551.9
2/21/2020Markit US Services PMI53.253.4
2/21/2020Markit US Composite PMI53.3
2/21/2020Revisions: Existing Home Sales
2/21/2020Existing Home Sales5.45m5.54m
2/21/2020Existing Home Sales MoM-1.70%3.60%

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