July 22, 2019 Headlines

Treasury yields are lower this morning on geopolitical tensions (US/Iran & US/Turkey), but US equity futures are higher ahead of the open on positive headlines related to US/China negotiations. Regarding the latter, Chinese firms plan to buy more American agricultural products, and White House officials are meeting with US tech firms today to discuss potential waivers for shipping products to Huawei.  A comprehensive deal between the two countries doesn’t appear to be close at this point, but risk markets are responding favorably to any signs of progress. This week’s economic calendar is headlined by the first estimate of Q2 GDP (Friday), flash Markit PMI data for July (Wednesday), and existing home sales for June (Tuesday). The blackout period has commenced ahead of the July 31 FOMC meeting, so there will be no Fed leaders speaking this week.

Jason Haley
Managing Director, Investment Management Group

7/22/2019Chicago Fed Nat Activity Index0.08-0.02-0.05-0.03
7/23/2019FHFA House Price Index MoM0.40%0.40%
7/23/2019Richmond Fed Manufact. Index53
7/23/2019Existing Home Sales5.33m5.34m
7/23/2019Existing Home Sales MoM-0.20%2.50%
7/24/2019MBA Mortgage Applications-1.10%
7/24/2019Markit US Manufacturing PMI5150.6
7/24/2019Markit US Services PMI51.951.5
7/24/2019Markit US Composite PMI51.5
7/24/2019New Home Sales660k626k
7/24/2019New Home Sales MoM5.40%-7.80%
7/25/2019Durable Goods Orders0.70%-1.30%
7/25/2019Durables Ex Transportation0.20%0.40%
7/25/2019Cap Goods Orders Nondef Ex Air0.20%0.50%
7/25/2019Cap Goods Ship Nondef Ex Air-0.20%0.60%
7/25/2019Advance Goods Trade Balance-$72.8b-$74.5b
7/25/2019Wholesale Inventories MoM0.50%0.40%
7/25/2019Retail Inventories MoM0.20%0.50%
7/25/2019Initial Jobless Claims219k216k
7/25/2019Continuing Claims1693k1686k
7/25/2019Bloomberg Consumer Comfort64.7
7/25/2019Kansas City Fed Manf. Activity30
7/26/2019Revisions: National Income and Accounts (GDP)
7/26/2019GDP Annualized QoQ1.80%3.10%
7/26/2019Personal Consumption4.00%0.90%
7/26/2019GDP Price Index2.00%0.90%
7/26/2019Core PCE QoQ2.00%1.20%













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