The tone in risk markets is improved this morning in response to news that the Senate was able to reach a 2-year budget agreement. Asian equity markets were mostly higher, and S&P 500 futures are currently up 18 points. European equities are lower today on hawkish comments from both British and Eurozone central bankers. Treasuries are selling off again this morning, with the 10-year yield up to 2.87%, and the yield curve (2yr/10yr spread) is 3 basis points steeper to 0.74%. On the data front, initial jobless claims fell to 221,000 in the week ended February 3. This is the second lowest reading since 1973 (lowest was four weeks ago), and this is just one of several metrics that point to a relatively tight labor market.
Jason Haley
Managing Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 02/05 | Markit US Services PMI | 53.3 | 53.3 | 53.3 | — |
| 02/05 | Markit US Composite PMI | — | 53.8 | 53.8 | — |
| 02/05 | ISM Non-Manf. Composite | 56.7 | 59.9 | 55.9 | 56 |
| 02/06 | Trade Balance | -$52.1b | -$53.1b | -$50.5b | -$50.4b |
| 02/06 | JOLTS Job Openings | 5961 | 5811 | 5879 | 5978 |
| 02/07 | MBA Mortgage Applications | — | 0.70% | -2.60% | — |
| 02/07 | Consumer Credit | $20.000b | $18.447b | $27.951b | $31.019b |
| 02/07 | Revisions: Consumer Price Index | ||||
| 02/08 | Initial Jobless Claims | 232k | 221k | 230k | — |
| 02/08 | Continuing Claims | 1940k | 1923k | 1953k | 1956k |
| 02/08 | Bloomberg Feb. United States Economic Survey (Table) | ||||
| 02/08 | Bloomberg Consumer Comfort | — | — | 54.6 | — |
| 02/08 | Mortgage Delinquencies | — | — | 4.88% | — |
| 02/08 | MBA Mortgage Foreclosures | — | — | 1.23% | — |
| 02/09 | Wholesale Inventories MoM | 0.20% | — | 0.20% | — |
| 02/09 | Wholesale Trade Sales MoM | 0.40% | — | 1.50% | — |