July 13, 2020 Headlines

Treasury prices traded higher through much of the overnight session on negative COVID headlines, but prices reversed course and are now lower this morning after reports surfaced that two pharmaceutical companies (Pfizer and BioNTech) received fast track designation for two vaccine candidates by the FDA. OPEC+ is expected to roll back some of the production cuts implemented in the wake of the COVID demand shock at its meeting this week, which has oil prices down more than 1% on the day. This week’s economic calendar is highlighted by June retail sales report (Thursday), and market participants will continue to monitor weekly jobless claims data (also Thursday) for any signs of an uptick amid the recent virus activity in some more populous states. New York Fed President John Williams is participating in a discussion on Libor transition this morning hosted by the Fed and the Bank of England.  

Jason Haley
Chief Investment Officer

7/13/2020Monthly Budget Statement-$863.0b-$8.5b
7/14/2020NFIB Small Business Optimism97.894.4
7/14/2020Real Avg Weekly Earnings YoY7.40%7.30%
7/14/2020Real Avg Hourly Earning YoY6.50%6.40%
7/14/2020CPI MoM0.50%-0.10%
7/14/2020CPI Ex Food and Energy MoM0.10%-0.10%
7/14/2020CPI YoY0.60%0.10%
7/14/2020CPI Ex Food and Energy YoY1.10%1.20%
7/14/2020CPI Index NSA257.706256.394
7/14/2020CPI Core Index SA265.8265.441
7/15/2020MBA Mortgage Applications2.20%
7/15/2020Import Price Index MoM1.00%1.00%
7/15/2020Import Price Index ex Petroleum MoM-0.10%0.10%
7/15/2020Import Price Index YoY-3.50%-6.00%
7/15/2020Export Price Index MoM0.80%0.50%
7/15/2020Empire Manufacturing10-0.2
7/15/2020Export Price Index YoY-6.00%
7/15/2020Capacity Utilization67.70%64.80%
7/15/2020Industrial Production MoM4.40%1.40%
7/15/2020Manufacturing (SIC) Production5.80%3.80%
7/15/2020U.S. Federal Reserve Releases Beige Book
7/16/2020Retail Sales Advance MoM5.00%17.70%
7/16/2020Retail Sales Ex Auto MoM5.00%12.40%
7/16/2020Retail Sales Ex Auto and Gas5.00%12.40%
7/16/2020Retail Sales Control Group3.90%11.00%
7/16/2020Philadelphia Fed Business Outlook2027.5
7/16/2020Initial Jobless Claims1250k1314k
7/16/2020Continuing Claims17600k18062k
7/16/2020Bloomberg Consumer Comfort42.9
7/16/2020Business Inventories-2.30%-1.30%
7/16/2020NAHB Housing Market Index6058
7/16/2020Net Long-term TIC Flows-$128.4b
7/16/2020Total Net TIC Flows$125.3b
7/17/2020Building Permits1295k1220k1216k
7/17/2020Building Permits MoM6.50%14.40%14.10%
7/17/2020Housing Starts1180k974k
7/17/2020Housing Starts MoM21.20%4.30%
7/17/2020U. of Mich. Sentiment7978.1
7/17/2020U. of Mich. Current Conditions87.1
7/17/2020U. of Mich. Expectations72.3
7/17/2020U. of Mich. 1 Yr Inflation3.00%
7/17/2020U. of Mich. 5-10 Yr Inflation2.50%


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