July 23, 2020 Headlines

Volume in the overnight cash Treasury market was noticeably light as Japanese markets were closed due to a holiday. China-US tensions flared up yesterday after the abrupt closure of a Chinese consulate in Houston. However, yields traded a narrow range with China’s retaliatory response more muted than originally feared. This morning, the focus has shifted to the initial jobless claims report that showed 1.42 million file for unemployment the week of July 18th which is the first increase since the initial pandemic surge. Continuous claims or those that filed for ongoing benefits decreased to 16.2 million below the survey expectations of 17 million. At the open, the 10-year US Treasury yield is .58% and the S&P 500 declined to 3272.

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 Claims1300k1416k1300k1307k
7/23/20Continuing Claims17100k16197k17338k17304k
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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