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

Date	Event	Survey	Actual	Prior	Revised
7/21/20	Chicago Fed Nat Activity Index	4	4.11	2.61	3.5
7/22/20	MBA Mortgage Applications	—	4.10%	5.10%	—
7/22/20	FHFA House Price Index MoM	0.30%	-0.30%	0.20%	0.10%
7/22/20	Existing Home Sales	4.75m	4.72m	3.91m	—
7/22/20	Existing Home Sales MoM	21.40%	20.70%	-9.70%	—
7/23/20	Initial Jobless Claims	1300k	—	1300k	—
7/23/20	Continuing Claims	17100k	—	17338k	—
7/23/20	Bloomberg Economic Expectations	—	—	38	—
7/23/20	Bloomberg Consumer Comfort	—	—	44.3	—
7/23/20	Leading Index	2.10%	—	2.80%	—
7/23/20	Kansas City Fed Manf. Activity	5	—	1	—
7/24/20	Markit US Manufacturing PMI	52	—	49.8	—
7/24/20	Markit US Services PMI	51	—	47.9	—
7/24/20	Markit US Composite PMI	—	—	47.9	—
7/24/20	New Home Sales	700k	—	676k	—
7/24/20	New Home Sales MoM	3.60%	—	16.60%	—

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