July 25, 2019 Headlines

US Treasuries bull flattened in the overnight session on low volume as the markets awaited the European Central Bank’s decision. While Mario Draghi’s overly dovish speech set the stage for Eurozone policymakers to begin easing future monetary policy, the ECB elected to keep key interest rates unchanged. However, the message continued as the central bank expects interest rates to remain “at their present or lower levels” through at least the first half of 2020. All ECB members agreed that further stimulus was needed but differences remain on key elements. A reintroduction of Quantitative Easing remains on the table in addition to lowering the charge that banks need to pay in order to park excess cash at the ECB.

Chris Eckhoff
Associate, 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%0.10%0.40%
7/23/2019Richmond Fed Manufact. Index5-1232
7/23/2019Existing Home Sales5.32m5.27m5.34m5.36m
7/23/2019Existing Home Sales MoM-0.40%-1.70%2.50%2.90%
7/24/2019MBA Mortgage Applications-1.90%-1.10%
7/24/2019Markit US Manufacturing PMI515050.6
7/24/2019Markit US Services PMI51.852.251.5
7/24/2019Markit US Composite PMI51.651.5
7/24/2019New Home Sales658k646k626k604k
7/24/2019New Home Sales MoM5.10%7.00%-7.80%-8.20%
7/25/2019Durable Goods Orders0.70%2.00%-1.30%-2.30%
7/25/2019Durables Ex Transportation0.20%1.20%0.40%0.50%
7/25/2019Cap Goods Orders Nondef Ex Air0.20%1.90%0.50%0.30%
7/25/2019Cap Goods Ship Nondef Ex Air-0.20%0.60%0.60%0.50%
7/25/2019Advance Goods Trade Balance-$72.5b-$74.2b-$74.5b-$75.0b
7/25/2019Wholesale Inventories MoM0.50%0.20%0.40%
7/25/2019Retail Inventories MoM0.20%-0.10%0.50%0.30%
7/25/2019Initial Jobless Claims218k206k216k
7/25/2019Continuing Claims1688k1676k1686k1689k
7/25/2019Bloomberg Consumer Comfort63.764.7
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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