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

06/20/23Housing Starts1400k1631k1401k1340k
06/20/23Building Permits1425k1491k1416k1417k
06/20/23Building Permits MoM0.60%5.20%-1.50%-1.40%
06/20/23Housing Starts MoM-0.10%21.70%2.20%-2.90%
06/20/23Philadelphia Fed Non-Manufacturing Activity-16.6-16
06/21/23MBA Mortgage Applications7.20%
06/22/23Chicago Fed Nat Activity Index-0.10.07
06/22/23Current Account Balance-$217.1b-$206.8b
06/22/23Initial Jobless Claims260k262k
06/22/23Continuing Claims1785k1775k
06/22/23Existing Home Sales4.25m4.28m
06/22/23Existing Home Sales MoM-0.70%-3.40%
06/22/23Leading Index-0.80%-0.60%
06/22/23Kansas City Fed Manf. Activity-4-1
06/23/23Bloomberg June United States Economic Survey
06/23/23S&P Global US Manufacturing PMI48.548.4
06/23/23S&P Global US Services PMI5454.9
06/23/23S&P Global US Composite PMI53.554.3
06/23/23Kansas City Fed Services Activity3




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