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%.
Director, Investment Management Group
|7/17/2019||MBA Mortgage Applications||—||-1.10%||-2.40%||—|
|7/17/2019||Housing Starts MoM||-0.70%||-0.90%||-0.90%||-0.40%|
|7/17/2019||Building Permits MoM||0.10%||-6.10%||0.30%||0.70%|
|7/17/2019||U.S. Federal Reserve Releases Beige Book|
|7/18/2019||Philadelphia Fed Business Outlook||5||—||0.3||—|
|7/18/2019||Initial Jobless Claims||216k||—||209k||—|
|7/18/2019||Bloomberg Consumer Comfort||—||—||63.8||—|
|7/18/2019||Bloomberg Economic Expectations||—||—||50.5||—|
|7/19/2019||U. of Mich. Sentiment||98.8||—||98.2||—|
|7/19/2019||U. of Mich. Current Conditions||112.8||—||111.9||—|
|7/19/2019||U. of Mich. Expectations||90||—||89.3||—|
|7/19/2019||U. of Mich. 1 Yr Inflation||—||—||2.70%||—|
|7/19/2019||U. of Mich. 5-10 Yr Inflation||—||—||2.30%||—|
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