July 17, 2020 Headlines

Headlines overnight focused on the European Union crisis support package as leaders are meeting in person for the first time in five months. However, German Chancellor Merkel cast doubts that an agreement is imminent as the block continues to negotiate the total size of the package, and how funds would be distributed. US Treasury prices are slightly higher as the curve bull-flattened on thin volumes and S&P 500 futures are up .66% compared to the NASDAQ which is flat at the open.

Chris Eckhoff
Associate, Investment Management Group

7/13/2020Monthly Budget Statement-$863.0b-$864.1b-$8.5b
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 NSA257.706257.797256.394
7/14/2020CPI Core Index SA265.884266.065265.441
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 Applications5.10%2.20%
7/15/2020Empire Manufacturing1017.2-0.2
7/15/2020Import Price Index MoM1.00%1.40%1.00%0.80%
7/15/2020Import Price Index ex Petroleum MoM0.10%0.30%0.10%0.20%
7/15/2020Import Price Index YoY-3.70%-3.80%-6.00%-6.20%
7/15/2020Export Price Index MoM0.80%1.40%0.50%0.40%
7/15/2020Export Price Index YoY-4.40%-6.00%-6.20%
7/15/2020Industrial Production MoM4.30%5.40%1.40%
7/15/2020Capacity Utilization67.80%68.60%64.80%65.10%
7/15/2020Manufacturing (SIC) Production5.70%7.20%3.80%
7/15/2020U.S. Federal Reserve Releases Beige Book
7/16/2020Retail Sales Advance MoM5.00%7.50%17.70%18.20%
7/16/2020Retail Sales Ex Auto MoM5.00%7.30%12.40%12.10%
7/16/2020Retail Sales Ex Auto and Gas5.00%6.70%12.40%12.10%
7/16/2020Retail Sales Control Group4.00%5.60%11.00%10.10%
7/16/2020Philadelphia Fed Business Outlook2024.127.5
7/16/2020Initial Jobless Claims1250k1300k1314k1310k
7/16/2020Continuing Claims17500k17338k18062k17760k
7/16/2020Bloomberg Consumer Comfort44.342.9
7/16/2020Business Inventories-2.30%-2.30%-1.30%-1.40%
7/16/2020NAHB Housing Market Index617258
7/16/2020Net Long-term TIC Flows$127.0b-$128.4b-$130.8b
7/16/2020Total Net TIC Flows-$4.5b$125.3b$121.7b
7/17/2020Housing Starts1190k1186k974k1011k
7/17/2020Housing Starts MoM22.20%17.30%4.30%8.20%
7/17/2020Building Permits1293k1241k1220k1216k
7/17/2020Building Permits MoM6.30%2.10%14.40%14.10%
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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