July 14, 2020 Headlines

A modest risk-off tone is pushing Treasury prices higher across the curve this morning and equity futures lower. California is reinstating broad lockdowns again to combat a surge in COVID-19 cases. On the Q2 corporate earnings front, JP Morgan and Citi both beat analyst estimates due to strong trading revenues, but Wells Fargo underperformed expectations, posting its first quarterly loss since 2008. Consumer price growth was a bit hotter than expected in June according to the CPI report released this morning. Core prices were up 0.2% m/m (0.1% expected) and 1.2% on a year-over-year basis (1.1% expected).

Jason Haley
Chief Investment Officer

7/14/2020NFIB Small Business Optimism97.8100.694.4
7/14/2020CPI MoM0.50%0.60%-0.10%
7/14/2020CPI Ex Food and Energy MoM0.10%0.20%-0.10%
7/14/2020CPI YoY0.60%0.60%0.10%
7/14/2020CPI Ex Food and Energy YoY1.10%1.20%1.20%
7/14/2020CPI Index NSA257.71257.8256.394
7/14/2020CPI Core Index SA265.88266.07265.441
7/14/2020Real Avg Hourly Earning YoY4.30%6.50%6.40%
7/14/2020Real Avg Weekly Earnings YoY4.60%7.40%7.30%
7/15/2020MBA Mortgage Applications2.20%
7/15/2020Import Price Index MoM1.00%1.00%
7/15/2020Import Price Index ex Petroleum MoM0.10%0.10%
7/15/2020Import Price Index YoY-3.70%-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 Utilization67.80%64.80%
7/15/2020Industrial Production MoM4.40%1.40%
7/15/2020Manufacturing (SIC) Production5.60%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 Group4.00%11.00%
7/16/2020Philadelphia Fed Business Outlook2027.5
7/16/2020Initial Jobless Claims1250k1314k
7/16/2020Continuing Claims17500k18062k
7/16/2020Bloomberg Consumer Comfort42.9
7/16/2020Business Inventories-2.30%-1.30%
7/16/2020NAHB Housing Market Index6158
7/16/2020Net Long-term TIC Flows-$128.4b
7/16/2020Total Net TIC Flows$125.3b
7/17/2020Building Permits1290k1220k1216k
7/17/2020Building Permits MoM6.10%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 Conditions86.887.1
7/17/2020U. of Mich. Expectations7472.3
7/17/2020U. of Mich. 1 Yr Inflation2.80%3.00%
7/17/2020U. of Mich. 5-10 Yr Inflation2.50%


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