June 18, 2020 Headlines

The Treasury curve bull-flattened in the overnight session as reports showed a rise in COVID cases in both the US and China. Hospitalizations in Texas, one of the first states to reopen, has reached a new high after surging 11% in a single day and 84% since the Memorial Day weekend. However, the initial rally faded from the highs as the Chinese Center for Disease Control and Prevention claimed the virus in Beijing has been contained and future confirmed cases should only reflect people that are already infected. US equity futures contracts are currently signaling a lower open ahead of the initial jobless and continuing claims survey.

Chris Eckhoff
Associate, Investment Management Group

6/15/2020Empire Manufacturing-29.6-0.2-48.5
6/15/2020Net Long-term TIC Flows-$128.4b-$112.6b-$111.6b
6/15/2020Total Net TIC Flows$125.3b$349.9b$355.3b
6/16/2020Retail Sales Advance MoM8.40%17.70%-16.40%-14.70%
6/16/2020Retail Sales Ex Auto MoM5.50%12.40%-17.20%-15.20%
6/16/2020Retail Sales Ex Auto and Gas5.10%12.40%-16.20%-14.40%
6/16/2020Retail Sales Control Group5.20%11.00%-15.30%-12.40%
6/16/2020Industrial Production MoM3.00%1.40%-11.20%-12.50%
6/16/2020Capacity Utilization66.90%64.80%64.90%64.00%
6/16/2020Manufacturing (SIC) Production5.00%3.80%-13.70%-15.50%
6/16/2020Business Inventories-1.00%-1.30%-0.20%-0.30%
6/16/2020NAHB Housing Market Index455837
6/17/2020MBA Mortgage Applications8.00%9.30%
6/17/2020Housing Starts1100k974k891k934k
6/17/2020Housing Starts MoM23.50%4.30%-30.20%-26.40%
6/17/2020Building Permits1245k1220k1074k1066k
6/17/2020Building Permits MoM16.80%14.40%-20.80%-21.40%
6/18/2020Philadelphia Fed Business Outlook-21.427.5-43.1
6/18/2020Initial Jobless Claims1290k1508k1542k1566k
6/18/2020Continuing Claims19850k20544k20929k20606k
6/18/2020Bloomberg Economic Expectations29
6/18/2020Bloomberg Consumer Comfort38.7
6/18/2020Leading Index2.40%-4.40%
6/19/2020Current Account Balance-$102.9b-$109.8b


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