Treasuries are little changed following a quiet overnight session (at least relative to the last few weeks), and S&P 500 futures are up 14 points. Eurozone PMI data missed versus expectations, but the overall trend remains positive. There are articles out today suggesting Japanese investors are starting to take advantage of a strengthening yen and rising Treasury yields by buying larger quantities of Treasuries unhedged. Investors are somewhat focused on the Fed today, with the January FOMC minutes set for release this afternoon, and several Fed leaders are scheduled to speak in the next few days, including Bill Dudley on two separate occasions.

Jason Haley
Managing Director, Investment Management Group

2/21/2018MBA Mortgage Applications-6.60%-4.10%
2/21/2018Markit US Manufacturing PMI55.555.955.5
2/21/2018Markit US Services PMI53.755.953.3
2/21/2018Markit US Composite PMI55.953.8
2/21/2018Revisions: Existing Home Sales    
2/21/2018Existing Home Sales5.60m5.38m5.57m5.56m
2/21/2018Existing Home Sales MoM0.50%-3.20%-3.60%-2.80%
2/21/2018FOMC Meeting Minutes
2/22/2018Initial Jobless Claims230k230k
2/22/2018Continuing Claims1935k1942k
2/22/2018Bloomberg Economic Expectations52.5
2/22/2018Bloomberg Consumer Comfort57
2/22/2018Leading Index0.70%0.60%
2/22/2018Kansas City Fed Manf. Activity1816