July 21, 2020 Headlines

Treasuries are little changed in another quiet morning.  European equity markets rose to a 4-month high today after European Union leaders agreed to a €750 billion recovery fund that will include €390 billion in grants and €360 billion in loans. The amount set aside for grants was about €100 billion less than what was initially proposed, which is somewhat tempering the rally in risk assets. In Fed news, it appears more likely that Trump nominee Judy Shelton will be approved by the Senate to the board of governors in a party-line vote. Shelton has been a more controversial choice given her past advocacy for return to some form of a gold standard, but John Kennedy (R-LA) said yesterday that he is going to vote yes after being noncommittal for some time, which would provide the deciding vote in Shelton’s favor. The second Trump nominee, Christopher Waller, is expected to perceive near unanimous approval.  Waller is the currently the director of research at the St. Louis Fed.

Jason Haley
Chief Investment Officer

7/21/20Chicago Fed Nat Activity Index44.112.613.5
7/22/20MBA Mortgage Applications5.10%
7/22/20FHFA House Price Index MoM0.30%0.20%
7/22/20Existing Home Sales4.75m3.91m
7/22/20Existing Home Sales MoM21.50%-9.70%
7/23/20Initial Jobless Claims1300k1300k
7/23/20Continuing Claims17050k17338k
7/23/20Bloomberg Economic Expectations38
7/23/20Bloomberg Consumer Comfort44.3
7/23/20Leading Index2.10%2.80%
7/23/20Kansas City Fed Manf. Activity51
7/24/20Markit US Manufacturing PMI5249.8
7/24/20Markit US Services PMI5147.9
7/24/20Markit US Composite PMI47.9
7/24/20New Home Sales700k676k
7/24/20New Home Sales MoM3.60%16.60%


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