Treasuries are essentially unchanged this morning while US equity futures are pointing to a lower open this morning following comments from President Trump stating that he was “ready to go” in regards to tariffs on $500 billion of Chinese goods. The secured overnight financing rate (SOFR), which was chosen to replace LIBOR, has seen its daily volume pick up to over $ 700 billion, meaning that the rate appears to be gaining acceptance in the market.

The economic calendar is light today, with no data releases, and the only major event being a speech by St. Louis Fed President Bullard on the economy.

Hafizan Hamzah
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%0.60%-0.10%-0.50%
07/17/2018Capacity Utilization78.30%78.00%77.90%77.70%
07/17/2018Manufacturing (SIC) Production0.70%0.80%-0.70%-1.00%
07/17/2018NAHB Housing Market Index686868
07/17/2018Total Net TIC Flows$69.9b$138.7b$233.1b
07/17/2018Net Long-term TIC Flows$45.6b$93.9b$94.0b
07/18/2018MBA Mortgage Applications-2.50%2.50%
07/18/2018Housing Starts1320k1173k1350k1337k
07/18/2018Housing Starts MoM-2.20%-12.30%5.00%4.80%
07/18/2018Building Permits1330k1273k1301k
07/18/2018Building Permits MoM2.20%-2.20%-4.60%
07/18/2018U.S. Federal Reserve Releases Beige Book
07/19/2018Initial Jobless Claims220k207k214k215k
07/19/2018Continuing Claims1729k1751k1739k1743k
07/19/2018Philadelphia Fed Business Outlook21.525.719.9
07/19/2018Bloomberg Economic Expectations53.556
07/19/2018Bloomberg Consumer Comfort58.858
07/19/2018Leading Index0.40%0.50%0.20%0.00%