Treasuries were well bid overnight with no major macro news driving activity. The Bank of Japan meeting was effectively a non-event, with BOJ Governor Kuroda maintaining a largely dovish stance on policy. Asian equity markets were higher across the board (Nikkei +1.3%, Hang Seng +1.7%), and European markets are modestly higher. U.S. equity futures are currently pointing to a slightly weaker open. The Senate agreed yesterday to another temporary spending bill that will fund the government to February 8, ending the government shutdown for the time being. It appears that both parties remain far apart on immigration and terms for a longer-term budget.

Jason Haley
Managing Director, Investment Management Group

DateEventSurv(M)ActualPriorRevised
01/22Chicago Fed Nat Activity Index0.220.270.150.11
01/23Richmond Fed Manufact. Index1920
01/24MBA Mortgage Applications4.10%
01/24FHFA House Price Index MoM0.50%0.50%
01/24Markit US Manufacturing PMI5555.1
01/24Markit US Services PMI54.353.7
01/24Markit US Composite PMI54.1
01/24Existing Home Sales5.70m5.81m
01/24Existing Home Sales MoM-1.90%5.60%
01/25Advance Goods Trade Balance-$68.9b-$69.7b-$70.0b
01/25Wholesale Inventories MoM0.40%0.80%
01/25Retail Inventories MoM0.10%
01/25Initial Jobless Claims237k220k
01/25Continuing Claims1925k1952k
01/25Bloomberg Consumer Comfort53.8
01/25New Home Sales675k733k
01/25New Home Sales MoM-7.90%17.50%
01/25Leading Index0.50%0.40%
01/25Kansas City Fed Manf. Activity1514
01/26GDP Annualized QoQ3.00%3.20%
01/26Personal Consumption3.70%2.20%
01/26GDP Price Index2.30%2.10%
01/26Core PCE QoQ1.90%1.30%
01/26Durable Goods Orders0.90%1.30%
01/26Durables Ex Transportation0.60%-0.10%
01/26Cap Goods Orders Nondef Ex Air0.60%-0.20%
01/26Cap Goods Ship Nondef Ex Air0.40%-0.10%