The U.S. Treasuries curve flattened overnight with front-end yields 2 bps higher ahead of upcoming supply. Equities are set to advance with the S&P500 up +0.94% as investors express optimism after two days of meetings between the US and China. Even European equities are higher (FTSE +1.24%) despite unexpectedly weak German industrial production and worsening euro-area consumer confidence data. The economic calendar is light today with the focus on tomorrow’s FOMC minutes release..

Chris Eckhoff
Associate, Investment Management Group


01/07Factory orders/durables data postponed by government shutdown   
01/07ISM Non-Manufacturing Index58.560.7
01/08NFIB Small Business Optimism103.3104.8
01/08Trade Balance-$54.0b-$55.5b
01/08JOLTS Job Openings71007079
01/08Consumer Credit$16.000b$25.384b
01/08Advance Goods Trade Balance-$76.0b-$77.2b
01/08Wholesale Inventories MoM0.50%0.80%
01/08Retail Inventories MoM0.90%
01/08New Home Sales568k544k
01/08New Home Sales MoM4.50%-8.90%
01/08Construction Spending MoM0.20%-0.10%
01/08Factory Orders0.30%-2.10%
01/08Factory Orders Ex Trans0.30%
01/08Durable Goods Orders0.80%
01/08Durables Ex Transportation-0.30%
01/08Cap Goods Orders Nondef Ex Air-0.60%
01/08Cap Goods Ship Nondef Ex Air-0.10%
01/09MBA Mortgage Applications-8.50%
01/09FOMC Meeting Minutes
01/10Initial Jobless Claims225k231k
01/10Continuing Claims1710k1740k
01/10Bloomberg Jan. United States Economic Survey   
01/10Bloomberg Consumer Comfort59.6
01/10Wholesale Inventories MoM0.40%
01/10Wholesale Trade Sales MoM-0.20%
01/11CPI MoM-0.10%0.00%
01/11CPI Ex Food and Energy MoM0.20%0.20%
01/11CPI YoY1.90%2.20%
01/11CPI Ex Food and Energy YoY2.20%2.20%
01/11CPI Core Index SA259.481
01/11CPI Index NSA251.065252.038
01/11Real Avg Weekly Earnings YoY0.50%
01/11Real Avg Hourly Earning YoY0.80%
01/11Monthly Budget Statement$0.0b-$204.9b