June 20, 2023 Headlines

Treasury yields opened the day slightly lower but have since retraced that move and are currently sitting 1 to 2 bps higher. Fed Chair Powell will give his semi-annual report to Congress tomorrow and will face questions over the recent bank failures, monetary policy, and the overall economy. Last week the Fed decided to keep rates unchanged and said that they may hike rates two more times this year, an ambiguous message that investors are hoping will be clarified during Powell’s Congressional testimony.

Hafizan Hamzah
Senior Director, Investment Management Group

Date	Event	Surv(M)	Actual	Prior	Revised
06/20/23	Housing Starts	1400k	1631k	1401k	1340k
06/20/23	Building Permits	1425k	1491k	1416k	1417k
06/20/23	Building Permits MoM	0.60%	5.20%	-1.50%	-1.40%
06/20/23	Housing Starts MoM	-0.10%	21.70%	2.20%	-2.90%
06/20/23	Philadelphia Fed Non-Manufacturing Activity	—	-16.6	-16	—
06/21/23	MBA Mortgage Applications	—	—	7.20%	—
06/22/23	Chicago Fed Nat Activity Index	-0.1	—	0.07	—
06/22/23	Current Account Balance	-$217.1b	—	-$206.8b	—
06/22/23	Initial Jobless Claims	260k	—	262k	—
06/22/23	Continuing Claims	1785k	—	1775k	—
06/22/23	Existing Home Sales	4.25m	—	4.28m	—
06/22/23	Existing Home Sales MoM	-0.70%	—	-3.40%	—
06/22/23	Leading Index	-0.80%	—	-0.60%	—
06/22/23	Kansas City Fed Manf. Activity	-4	—	-1	—
06/23/23	Bloomberg June United States Economic Survey
06/23/23	S&P Global US Manufacturing PMI	48.5	—	48.4	—
06/23/23	S&P Global US Services PMI	54	—	54.9	—
06/23/23	S&P Global US Composite PMI	53.5	—	54.3	—
06/23/23	Kansas City Fed Services Activity	—	—	3	—

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