July 3, 2019 Headlines

US Treasuries extended gains overnight in reaction to dovish appointees to two of the world’s major central banks. The European Central Bank nominated Christine Lagarde for President and analysts anticipate continued easy money policies if she is approved. Following the nomination, 10-year German Bund yields fell to a record low -.394%. In the United States, President Trump announced Christopher Waller and Judy Shelton as candidates for the two open seats on the Federal Reserve’s Board. Waller currently serves as director of research for St. Louis Fed President James Bullard who was the only dissenting vote at the last meeting and Shelton has been an informal adviser to Trump that has publicly said the central bank should lower rates.

Today, the bond market is observing an early close at 2:00pm EST as part of the 4th of July holiday. Trading volumes are expected to be light the remainder of the week.

Chris Eckhoff
Associate, Investment Management Group

DateEventSurveyActualPriorRevised
7/1/2019Markit US Manufacturing PMI50.150.650.1
7/1/2019ISM Manufacturing5151.752.1
7/1/2019ISM Employment54.553.7
7/1/2019ISM Prices Paid5347.953.2
7/1/2019ISM New Orders52.55052.7
7/1/2019Construction Spending MoM0.00%-0.80%0.00%0.40%
7/2/2019Wards Total Vehicle Sales17.00m17.30m17.30m
7/3/2019MBA Mortgage Applications-0.10%1.30%
7/3/2019Challenger Job Cuts YoY12.80%85.90%
7/3/2019ADP Employment Change140k102k27k41k
7/3/2019Trade Balance-$54.0b-$55.5b-$50.8b-$51.2b
7/3/2019Initial Jobless Claims223k221k227k229k
7/3/2019Continuing Claims1675k1686k1688k1694k
7/3/2019Bloomberg Consumer Comfort62.663.6
7/3/2019Markit US Services PMI50.751.550.7
7/3/2019Markit US Composite PMI51.550.6
7/3/2019Factory Orders-0.60%-0.80%
7/3/2019Factory Orders Ex Trans0.30%
7/3/2019Durable Goods Orders-1.30%-1.30%
7/3/2019Durables Ex Transportation0.30%
7/3/2019Cap Goods Ship Nondef Ex Air0.70%
7/3/2019Cap Goods Orders Nondef Ex Air0.40%
7/3/2019ISM Non-Manufacturing Index5656.9
7/5/2019Change in Nonfarm Payrolls162k75k
7/5/2019Two-Month Payroll Net Revision
7/5/2019Change in Private Payrolls153k90k
7/5/2019Change in Manufact. Payrolls2k3k
7/5/2019Unemployment Rate3.60%3.60%
7/5/2019Average Hourly Earnings MoM0.30%0.20%
7/5/2019Average Hourly Earnings YoY3.20%3.10%
7/5/2019Average Weekly Hours All Employees34.434.4
7/5/2019Labor Force Participation Rate62.80%62.80%
7/5/2019Underemployment Rate7.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.