July 18, 2019 Headlines

US Treasury yields climbed higher this morning following a strong rebound in the Philadelphia’s Fed Factory Gauge. The general activity index rose by 21.5 points easing concerns for a manufacturing slowdown by surpassing all economist estimates. Additionally, the US-China trade war has made it back into the headlines as both sides have showed slow progress on key demands. For the US, China has not been purchasing the required volume of agricultural goods. In China’s case, the US has shown no improvements on reducing penalties to the telecom giant Huawei. While it is early in earning season, the sentiment remains that companies are struggling to pass on higher tariff-related costs and wages. Later today, FOMC members Bostic and William will speak on their monetary policy perspectives.

Chris Eckhoff
Associate, Investment Management Group

7/15/2019Empire Manufacturing24.3-8.6
7/16/2019Import Price Index MoM-0.60%-0.90%-0.30%0.00%
7/16/2019Import Price Index ex Petroleum MoM-0.20%-0.40%-0.30%
7/16/2019Import Price Index YoY-2.10%-2.00%-1.50%-1.10%
7/16/2019Export Price Index MoM-0.20%-0.70%-0.20%
7/16/2019Export Price Index YoY-1.60%-0.70%-0.80%
7/16/2019Retail Sales Advance MoM0.20%0.40%0.50%0.40%
7/16/2019Retail Sales Ex Auto MoM0.10%0.40%0.50%0.40%
7/16/2019Retail Sales Ex Auto and Gas0.30%0.70%0.50%
7/16/2019Retail Sales Control Group0.30%0.70%0.50%0.60%
7/16/2019Industrial Production MoM0.10%0.00%0.40%
7/16/2019Manufacturing (SIC) Production0.30%0.40%0.20%
7/16/2019Capacity Utilization78.10%77.90%78.10%
7/16/2019NAHB Housing Market Index646564
7/16/2019Business Inventories0.30%0.30%0.50%
7/16/2019Net Long-term TIC Flows$3.5b$46.9b
7/16/2019Total Net TIC Flows$32.9b-$7.8b-$9.0b
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 Outlook521.80.3
7/18/2019Initial Jobless Claims216k216k209k208k
7/18/2019Continuing Claims1700k1686k1723k1728k
7/18/2019Bloomberg Consumer Comfort63.8
7/18/2019Bloomberg Economic Expectations50.5
7/18/2019Leading Index0.10%0.00%
7/19/2019U. of Mich. Sentiment98.898.2
7/19/2019U. of Mich. Current Conditions112.8111.9
7/19/2019U. of Mich. Expectations9089.3
7/19/2019U. of Mich. 1 Yr Inflation2.70%
7/19/2019U. of Mich. 5-10 Yr Inflation2.30%











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