July 22, 2020 Headlines

The US Treasury curve bull-flattened overnight as China-US tensions flared up after the abrupt closure of a Chinese consulate in Houston and uncertainty surrounding the next phase of stimulus measures. In a statement early Wednesday, the State Department confirmed the directed closure of the Chinese consulate in order to protect intellectual property and private information. China’s foreign ministry was given 72 hours to close its consulate in Houston and immediately threatened to retaliate unless the US reverses the decision. After the European Union agreed on a landmark stimulus bill early in the week, the focus has shifted to the “Phase 4” stimulus package currently being negotiated in Washington. Current benefits implemented at the beginning of the pandemic, such as increased unemployment payments, will start to phase out at the end of July.

Chris Eckhoff
Associate, Investment Management Group

7/21/20Chicago Fed Nat Activity Index44.112.613.5
7/22/20MBA Mortgage Applications4.10%5.10%
7/22/20FHFA House Price Index MoM0.30%-0.30%0.20%0.10%
7/22/20Existing Home Sales4.75m4.72m3.91m
7/22/20Existing Home Sales MoM21.40%20.70%-9.70%
7/23/20Initial Jobless Claims1300k1300k
7/23/20Continuing Claims17100k17338k
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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