July 15, 2019 Headlines

To start the overnight session, there was no cash US Treasury trading with Japan closed for a holiday. However, futures were open and initially traded lower on better than expected economic data out of China. Both Chinese industrial production and retail sales beat expectations while GDP was as expected at 6.2% YoY. In Europe, Treasuries reversed some of the losses when the German economic ministry highlighted considerable downside risk due to the trade war. Today’s economic highlights include the Empire Manufacturing release and a speech by the New York Fed’s John Williams who is considered a more hawkish member. Later in the week, the focus will shift to Retail Sales on Tuesday, multiple speeches by Federal Reserve policy makers, and US bank’s earning reports.

Chris Eckhoff
Associate, Investment Management Group

7/15/2019Empire Manufacturing24.3-8.6
7/16/2019Import Price Index MoM-0.70%-0.30%
7/16/2019Import Price Index ex Petroleum MoM-0.20%-0.30%
7/16/2019Import Price Index YoY-2.30%-1.50%
7/16/2019Export Price Index MoM-0.30%-0.20%
7/16/2019Export Price Index YoY-0.70%
7/16/2019Retail Sales Advance MoM0.10%0.50%
7/16/2019Retail Sales Ex Auto MoM0.10%0.50%
7/16/2019Retail Sales Ex Auto and Gas0.30%0.50%
7/16/2019Retail Sales Control Group0.30%0.50%0.40%
7/16/2019Industrial Production MoM0.10%0.40%
7/16/2019Manufacturing (SIC) Production0.30%0.20%
7/16/2019Capacity Utilization78.10%78.10%
7/16/2019NAHB Housing Market Index6464
7/16/2019Business Inventories0.30%0.50%
7/16/2019Net Long-term TIC Flows$46.9b
7/16/2019Total Net TIC Flows-$7.8b
7/17/2019MBA Mortgage Applications-2.40%
7/17/2019Housing Starts1260k1269k
7/17/2019Housing Starts MoM-0.70%-0.90%
7/17/2019Building Permits1300k1294k1299k
7/17/2019Building Permits MoM0.10%0.30%0.70%
7/17/2019U.S. Federal Reserve Releases Beige Book
7/18/2019Philadelphia Fed Business Outlook50.3
7/18/2019Initial Jobless Claims216k209k
7/18/2019Continuing Claims1703k1723k
7/18/2019Bloomberg Consumer Comfort63.8
7/18/2019Bloomberg Economic Expectations50.5
7/18/2019Leading Index0.10%0.00%
7/19/2019U. of Mich. Sentiment98.798.2
7/19/2019U. of Mich. Current Conditions111.9
7/19/2019U. of Mich. Expectations89.3
7/19/2019U. of Mich. 1 Yr Inflation2.70%
7/19/2019U. of Mich. 5-10 Yr Inflation2.30%








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