January 15, 2020 Headlines

The markets struck a risk-off tone before today’s expected signing of the US-China phase one trade deal. While the trade deal marks a positive step between the world’s two largest economy, many issues remain unresolved. Reports yesterday detailed that existing tariffs on $360 billion Chinese goods will stay in place until after the presidential election. The tariffs will have a review period after 10 months and any removal will depend on China’s compliance with the phase-one deal. Currently, US Treasury prices are 2bps higher and the S&P500 is set to open -.21%.

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 Applications30.20%13.50%
1/15/2020PPI Final Demand MoM0.20%0.10%0.00%
1/15/2020PPI Ex Food and Energy MoM0.20%0.10%-0.20%
1/15/2020PPI Ex Food, Energy, Trade MoM0.20%0.10%0.00%
1/15/2020PPI Final Demand YoY1.30%1.30%1.10%
1/15/2020PPI Ex Food and Energy YoY1.30%1.10%1.30%
1/15/2020PPI Ex Food, Energy, Trade YoY1.50%1.30%
1/15/2020Revisions: NY Federal Reserve Empire Manufacturing
1/15/2020Empire Manufacturing3.
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 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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