Treasuries rallied overnight, with the curve lower by about 3 basis points this morning, as growing fears surrounding the escalation in trade rhetoric between the world’s two largest economies. President Trump asked the Treasury to identify $200 billion in Chinese goods to place tariffs on, and China responded that it will act “forcefully”.

In Europe, the ECB hinted that rates may stay where they’re at beyond the summer of 2019 depending on how the data shakes out; which pushed the Euro lower. The pound also dropped due to Prime Minister May facing a contentious vote surrounding whether or not Parliament will have the power to direct the last stage of Brexit negotiations.

Hafizan Hamzah
Director, Investment Management Group

Date TimeEventSurveyActualPriorRevised
06/18/2018NAHB Housing Market Index706870
06/19/2018Housing Starts1311k1350k1287k1286k
06/19/2018Housing Starts MoM1.90%5.00%-3.70%-3.10%
06/19/2018Building Permits1350k1301k1352k1364k
06/19/2018Building Permits MoM-1.00%-4.60%-1.80%-0.90%
06/20/2018MBA Mortgage Applications-1.50%
06/20/2018Current Account Balance-$129.0b-$128.2b
06/20/2018Existing Home Sales5.52m5.46m
06/20/2018Existing Home Sales MoM1.10%-2.50%
06/21/2018Initial Jobless Claims220k218k
06/21/2018Philadelphia Fed Business Outlook2934.4
06/21/2018Continuing Claims1710k1697k
06/21/2018FHFA House Price Index MoM0.50%0.10%
06/21/2018Bloomberg Economic Expectations54.5
06/21/2018Bloomberg Consumer Comfort55.8
06/21/2018Leading Index0.40%0.40%
06/22/2018Markit US Manufacturing PMI56.156.4
06/22/2018Markit US Services PMI56.556.8
06/22/2018Markit US Composite PMI56.6
06/25/2018Chicago Fed Nat Activity Index0.34
06/25/2018New Home Sales670k662k
06/25/2018New Home Sales MoM1.20%-1.50%
06/25/2018Dallas Fed Manf. Activity2426.8
06/26/2018S&P CoreLogic CS 20-City MoM SA0.53%
06/26/2018S&P CoreLogic CS 20-City YoY NSA6.79%
06/26/2018S&P CoreLogic CS 20-City NSA Index208.62
06/26/2018S&P CoreLogic CS US HPI NSA Index198.94
06/26/2018S&P CoreLogic CS US HPI YoY NSA6.53%
06/26/2018Richmond Fed Manufact. Index1516
06/26/2018Conf. Board Consumer Confidence127.2128
06/26/2018Conf. Board Present Situation161.7
06/26/2018Conf. Board Expectations105.6