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
2/19/2019NAHB Housing Market Index5958
2/20/2019MBA Mortgage Applications-3.70%
2/21/2019FOMC Meeting Minutes
2/22/2019Philadelphia Fed Business Outlook1417
2/23/2019Initial Jobless Claims228k239k
2/24/2019Continuing Claims1743k1773k
2/25/2019Durable Goods Orders1.70%0.70%
2/26/2019Durables Ex Transportation0.30%-0.40%
2/27/2019Cap Goods Orders Nondef Ex Air0.20%-0.60%
2/28/2019Cap Goods Ship Nondef Ex Air0.00%-0.20%
3/1/2019Bloomberg Consumer Comfort60
3/2/2019Bloomberg Economic Expectations44.5
3/3/2019Markit US Manufacturing PMI54.854.9
3/4/2019Markit US Services PMI54.354.2
3/5/2019Markit US Composite PMI54.4
3/6/2019Leading Index0.10%-0.10%
3/7/2019Revisions: Existing Home Sales
3/8/2019Existing Home Sales5.00m4.99m
3/9/2019Existing Home Sales MoM0.20%-6.40%