July 17, 2019 Headlines

Treasury prices are slightly higher this morning following uninspiring corporate earnings combined with weak economic data out of Asia (Singaporean exports experienced the largest drop in six years). Additionally, comments from President Trump about the possibility of new tariffs on Chinese goods moved the specter of the trade war back to the forefront of investors’ minds. On the data front, mortgage applications continued to fall as the MBA Mortgage Applications index showed a decline of 1.1% last week. Looking deeper in the release shows that refinance applications increased by 1.5% and were largely driven by an increase in FHA activity. Construction of new homes fell for the second month in a row as new housing starts fell by 0.9% in June. Much of this decline stemmed from fewer multi-family starts, which decreased by 9.2%.

Hafizan Hamzah
Director, Investment Management Group

DateEventSurveyActualPriorRevised
7/17/2019MBA Mortgage Applications—-1.10%-2.40%—
7/17/2019Housing Starts1260k1253k1269k1265k
7/17/2019Housing Starts MoM-0.70%-0.90%-0.90%-0.40%
7/17/2019Building Permits1300k1220k1294k1299k
7/17/2019Building Permits MoM0.10%-6.10%0.30%0.70%
7/17/2019U.S. Federal Reserve Releases Beige Book
7/18/2019Philadelphia Fed Business Outlook5—0.3—
7/18/2019Initial Jobless Claims216k—209k—
7/18/2019Continuing Claims1700k—1723k—
7/18/2019Bloomberg Consumer Comfort——63.8—
7/18/2019Bloomberg Economic Expectations——50.5—
7/18/2019Leading Index0.10%—0.00%—
7/19/2019U. of Mich. Sentiment98.8—98.2—
7/19/2019U. of Mich. Current Conditions112.8—111.9—
7/19/2019U. of Mich. Expectations90—89.3—
7/19/2019U. of Mich. 1 Yr Inflation——2.70%—
7/19/2019U. of Mich. 5-10 Yr Inflation——2.30%—

 

 

 

 

 

 

 

 

 

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