July 28, 2020 Headlines

Treasury yields are drifting higher this morning as gold and silver prices retreat from new record highs overnight. S&P 500 futures are lower ahead of the open on worse-than-expected earnings from McDonalds, 3M, and Harley-Davidson. Senate Republicans have now submitted a $1 trillion proposal for fresh COVID-related fiscal support. The package would reduce the federal unemployment subsidy from $600/week to $200/week, but it does include another $1,200 check to many U.S. households. This sets the stage for an earnest debate with Democrat leaders, who have been looking for something closer to $3 trillion of new aid.

Jason Haley
Chief Investment Officer

7/27/20Durable Goods Orders6.90%7.30%15.70%15.10%
7/27/20Durables Ex Transportation3.60%3.30%3.70%3.60%
7/27/20Cap Goods Orders Nondef Ex Air2.20%3.30%1.60%
7/27/20Cap Goods Ship Nondef Ex Air2.40%3.40%1.50%1.60%
7/27/20Dallas Fed Manf. Activity-4.8-3-6.1
7/28/20S&P CoreLogic CS 20-City MoM SA0.30%0.04%0.33%0.24%
7/28/20S&P CoreLogic CS 20-City YoY NSA4.00%3.69%3.98%3.91%
7/28/20S&P CoreLogic CS 20-City NSA Index224.73224.8224.08223.92
7/28/20S&P CoreLogic CS US HPI YoY NSA4.46%4.73%4.61%
7/28/20S&P CoreLogic CS US HPI NSA Index218.9217.72217.45
7/28/20Conf. Board Consumer Confidence9598.1
7/28/20Conf. Board Present Situation86.2
7/28/20Conf. Board Expectations106
7/28/20Richmond Fed Manufact. Index50
7/29/20MBA Mortgage Applications4.10%
7/29/20Advance Goods Trade Balance-$75.4b-$74.3b
7/29/20Wholesale Inventories MoM-0.50%-1.20%
7/29/20Retail Inventories MoM-2.70%-6.10%
7/29/20Pending Home Sales MoM15.00%44.30%
7/29/20Pending Home Sales NSA YoY2.20%-10.40%
7/29/20FOMC Rate Decision (Upper Bound)0.25%0.25%
7/29/20FOMC Rate Decision (Lower Bound)0.00%0.00%
7/29/20Interest Rate on Excess Reserves0.10%0.10%
7/30/20Revisions: GDP
7/30/20GDP Annualized QoQ-34.80%-5.00%
7/30/20Personal Consumption-34.50%-6.80%
7/30/20GDP Price Index0.00%1.40%
7/30/20Core PCE QoQ-0.90%1.70%
7/30/20Initial Jobless Claims1430k1416k
7/30/20Continuing Claims16250k16197k
7/30/20Bloomberg Consumer Comfort44.7
7/31/20Personal Income-0.70%-4.20%
7/31/20Personal Spending5.20%8.20%
7/31/20Real Personal Spending5.00%8.10%
7/31/20PCE Deflator MoM0.40%0.10%
7/31/20PCE Deflator YoY0.90%0.50%
7/31/20PCE Core Deflator MoM0.20%0.10%
7/31/20PCE Core Deflator YoY1.00%1.00%
7/31/20Employment Cost Index0.60%0.80%
7/31/20MNI Chicago PMI4436.6
7/31/20U. of Mich. Sentiment72.873.2
7/31/20U. of Mich. Current Conditions84.2
7/31/20U. of Mich. Expectations66.2
7/31/20U. of Mich. 1 Yr Inflation3.10%
7/31/20U. of Mich. 5-10 Yr Inflation2.70%


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