There was better demand for Treasuries overnight from Asian investors, but the market is fairly quiet this morning ahead of Powell’s testimony before the Senate at 10am ET. There will be a particular focus on the Q&A session following his opening statement given Powell’s propensity to be a bit more forthcoming than his predecessors. That said, it would be surprising for the Fed chair to veer much from the Fed’s recent talking points (e.g., continued gradual normalization), but he will likely be pressed hard for his assessment of recent trade tensions as it relates to growth and monetary policy expectations. President Trump’s news conference with Russia’s Putin yesterday dominated news wires yesterday (and this morning), with bipartisan condemnation for some of Trump’s comments/positions, but the markets appear to be shrugging off the event for the most part (more focused on growth and monetary policy). Global equity markets are mixed today, and S&P 500 futures are currently down 4 points.

Jason Haley
Managing Director, Investment Management Group

Date TimeEventSurveyActualPriorRevised
07/16/2018Empire Manufacturing2122.625
07/16/2018Retail Sales Advance MoM0.50%0.50%0.80%1.30%
07/16/2018Retail Sales Ex Auto MoM0.30%0.40%0.90%1.40%
07/16/2018Retail Sales Ex Auto and Gas0.40%0.30%0.80%1.30%
07/16/2018Retail Sales Control Group0.40%0.00%0.50%0.80%
07/16/2018Business Inventories0.40%0.40%0.30%
07/17/2018Industrial Production MoM0.50%-0.10%
07/17/2018Capacity Utilization78.30%77.90%
07/17/2018Manufacturing (SIC) Production0.70%-0.70%
07/17/2018NAHB Housing Market Index6868
07/17/2018Total Net TIC Flows$138.7b
07/17/2018Net Long-term TIC Flows$93.9b
07/18/2018MBA Mortgage Applications2.50%
07/18/2018Housing Starts1320k1350k
07/18/2018Housing Starts MoM-2.20%5.00%
07/18/2018Building Permits1330k1301k
07/18/2018Building Permits MoM2.20%-4.60%
07/18/2018U.S. Federal Reserve Releases Beige Book
07/19/2018Initial Jobless Claims220k214k
07/19/2018Continuing Claims1729k1739k
07/19/2018Philadelphia Fed Business Outlook21.519.9
07/19/2018Bloomberg Economic Expectations56
07/19/2018Bloomberg Consumer Comfort58
07/19/2018Leading Index0.40%0.20%
07/23/2018Chicago Fed Nat Activity Index-0.15
07/23/2018Existing Home Sales5.46m5.43m
07/23/2018Existing Home Sales MoM0.50%-0.40%
07/24/2018FHFA House Price Index MoM0.10%
07/24/2018Markit US Manufacturing PMI55.4
07/24/2018Markit US Services PMI56.5
07/24/2018Markit US Composite PMI56.2
07/24/2018Richmond Fed Manufact. Index1820