July 26, 2019 Headlines

US Treasury yields are essentially unchanged, and equities are set to open in the green following a stronger than expected GDP reading. Annualized GDP QoQ slowed from 3.1% to 2.1% but still beat expectations of 1.8% on the back of higher than anticipated personal consumption. This report is unlikely to sway the probability of a rate cut at next weeks FOMC meeting since it has already been promised.

Chris Eckhoff
Associate, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
7/22/2019	Chicago Fed Nat Activity Index	0.08	-0.02	-0.05	-0.03
7/23/2019	FHFA House Price Index MoM	0.40%	0.10%	0.40%	—
7/23/2019	Richmond Fed Manufact. Index	5	-12	3	2
7/23/2019	Existing Home Sales	5.32m	5.27m	5.34m	5.36m
7/23/2019	Existing Home Sales MoM	-0.40%	-1.70%	2.50%	2.90%
7/24/2019	MBA Mortgage Applications	—	-1.90%	-1.10%	—
7/24/2019	Markit US Manufacturing PMI	51	50	50.6	—
7/24/2019	Markit US Services PMI	51.8	52.2	51.5	—
7/24/2019	Markit US Composite PMI	—	51.6	51.5	—
7/24/2019	New Home Sales	658k	646k	626k	604k
7/24/2019	New Home Sales MoM	5.10%	7.00%	-7.80%	-8.20%
7/25/2019	Durable Goods Orders	0.70%	2.00%	-1.30%	-2.30%
7/25/2019	Durables Ex Transportation	0.20%	1.20%	0.40%	0.50%
7/25/2019	Cap Goods Orders Nondef Ex Air	0.20%	1.90%	0.50%	0.30%
7/25/2019	Cap Goods Ship Nondef Ex Air	-0.20%	0.60%	0.60%	0.50%
7/25/2019	Advance Goods Trade Balance	-$72.5b	-$74.2b	-$74.5b	-$75.0b
7/25/2019	Wholesale Inventories MoM	0.50%	0.20%	0.40%	—
7/25/2019	Retail Inventories MoM	0.20%	-0.10%	0.50%	0.30%
7/25/2019	Initial Jobless Claims	218k	206k	216k	—
7/25/2019	Continuing Claims	1688k	1676k	1686k	1689k
7/25/2019	Bloomberg Consumer Comfort	—	63.7	64.7	—
7/25/2019	Kansas City Fed Manf. Activity	3	-1	0	—
7/26/2019	Revisions: National Income and Accounts (GDP)
7/26/2019	GDP Annualized QoQ	1.80%	2.10%	3.10%	—
7/26/2019	Personal Consumption	4.00%	4.30%	0.90%	1.10%
7/26/2019	GDP Price Index	2.00%	2.40%	0.90%	1.10%
7/26/2019	Core PCE QoQ	2.00%	1.80%	1.20%	1.10%

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