February 19th Headlines

Treasury prices are little changed this morning, and U.S. equity futures are slightly lower ahead of the open. There were no major headlines overnight, although the Bank of Japan suggested it may consider easing monetary policy again if a sharp rise in the value of the yen threatens economic growth. Much of the focus this week will be on tomorrow’s release of the January 30 FOMC minutes. More specifically, market participants will be looking for a more detailed discussion of the Fed’s updated plans for its balance sheet, as noted by Chair Powell and the press release that followed that meeting. Additionally, several Fed leaders will be speaking at a monetary policy forum in New York on Friday, and multiple leaders are scheduled to speak specifically on balance sheet policy.

Jason Haley
Managing Director, Investment Management Group

Date	Event	Surv(M)	Actual	Prior	Revised
2/19/2019	NAHB Housing Market Index	59	—	58	—
2/20/2019	MBA Mortgage Applications	—	—	-3.70%	—
2/21/2019	FOMC Meeting Minutes	—	—	—	—
2/22/2019	Philadelphia Fed Business Outlook	14	—	17	—
2/23/2019	Initial Jobless Claims	228k	—	239k	—
2/24/2019	Continuing Claims	1743k	—	1773k	—
2/25/2019	Durable Goods Orders	1.70%	—	0.70%	—
2/26/2019	Durables Ex Transportation	0.30%	—	-0.40%	—
2/27/2019	Cap Goods Orders Nondef Ex Air	0.20%	—	-0.60%	—
2/28/2019	Cap Goods Ship Nondef Ex Air	0.00%	—	-0.20%	—
3/1/2019	Bloomberg Consumer Comfort	—	—	60	—
3/2/2019	Bloomberg Economic Expectations	—	—	44.5	—
3/3/2019	Markit US Manufacturing PMI	54.8	—	54.9	—
3/4/2019	Markit US Services PMI	54.3	—	54.2	—
3/5/2019	Markit US Composite PMI	—	—	54.4	—
3/6/2019	Leading Index	0.10%	—	-0.10%	—
3/7/2019	Revisions: Existing Home Sales
3/8/2019	Existing Home Sales	5.00m	—	4.99m	—
3/9/2019	Existing Home Sales MoM	0.20%	—	-6.40%	—