January 14, 2020 Headlines

Both US Treasuries and equity futures are unchanged as trading volumes were light ahead of key events later in the week. On Wednesday, US and Chinese officials are expected to sign the phase one trade deal. According to the US Treasury Department, the agreement addresses concerns regarding competitive currency devaluation and has dropped its designation of China as a currency manipulator.

In this morning’s release of the December Consumer Price Index (CPI), inflation rose less than forecasted with the headline change at .2% MoM. Core CPI missed estimates as well coming in at .1% MoM vs .2% consensus. When looking at inflation, Core CPI is more a more widely used gauge since it excludes more volatile food and energy prices. The report enforces the Federal Reserve’s view that inflation pressure remains muted.

Chris Eckhoff
Associate, Investment Management Group

1/13/2020Monthly Budget Statement-$15.0b-$13.3b-$13.5b
1/14/2020NFIB Small Business Optimism104.6102.7104.7
1/14/2020CPI MoM0.30%0.20%0.30%
1/14/2020CPI Ex Food and Energy MoM0.20%0.10%0.20%
1/14/2020CPI YoY2.40%2.30%2.10%
1/14/2020CPI Ex Food and Energy YoY2.30%2.30%2.30%
1/14/2020CPI Core Index SA266.11265.92265.62
1/14/2020CPI Index NSA257.17256.97257.21
1/14/2020Real Avg Weekly Earnings YoY0.00%1.10%0.80%
1/14/2020Real Avg Hourly Earning YoY0.60%1.10%
1/15/2020MBA Mortgage Applications13.50%
1/15/2020PPI Final Demand MoM0.20%0.00%
1/15/2020PPI Ex Food and Energy MoM0.20%-0.20%
1/15/2020PPI Ex Food, Energy, Trade MoM0.20%0.00%
1/15/2020PPI Final Demand YoY1.30%1.10%
1/15/2020PPI Ex Food and Energy YoY1.30%1.30%
1/15/2020PPI Ex Food, Energy, Trade YoY1.30%
1/15/2020Empire Manufacturing3.63.5
1/15/2020U.S. Federal Reserve Releases Beige Book
1/16/2020Philadelphia Fed Business Outlook3.60.32.4
1/16/2020Import Price Index MoM0.30%0.20%
1/16/2020Import Price Index ex Petroleum MoM0.10%0.20%
1/16/2020Import Price Index YoY0.50%-1.30%
1/16/2020Export Price Index MoM0.20%0.20%
1/16/2020Export Price Index YoY-1.30%
1/16/2020Retail Sales Advance MoM0.30%0.20%
1/16/2020Retail Sales Ex Auto MoM0.50%0.10%
1/16/2020Retail Sales Ex Auto and Gas0.40%0.00%
1/16/2020Retail Sales Control Group0.40%0.10%
1/16/2020Initial Jobless Claims218k214k
1/16/2020Continuing Claims1750k1803k
1/16/2020Bloomberg Economic Expectations56.5
1/16/2020Bloomberg Consumer Comfort65.1
1/16/2020Business Inventories-0.20%0.20%
1/16/2020NAHB Housing Market Index7476
1/16/2020Net Long-term TIC Flows$32.5b
1/16/2020Total Net TIC Flows-$48.3b
1/17/2020Housing Starts1380k1365k
1/17/2020Housing Starts MoM1.10%3.20%
1/17/2020Building Permits1460k1482k1482k
1/17/2020Building Permits MoM-1.50%1.40%1.40%
1/17/2020Industrial Production MoM-0.20%1.10%
1/17/2020Capacity Utilization77.00%77.30%
1/17/2020Manufacturing (SIC) Production-0.10%1.10%
1/17/2020U. of Mich. Sentiment99.399.3
1/17/2020U. of Mich. Current Conditions115.3115.5
1/17/2020U. of Mich. Expectations8988.9
1/17/2020U. of Mich. 1 Yr Inflation2.30%
1/17/2020U. of Mich. 5-10 Yr Inflation2.20%
1/17/2020JOLTS Job Openings72507267









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