Positive economic data out of Europe as well as news that Greece had reached a deal with its creditors pushed the curve steeper and higher overnight. Additionally, rumors that US trade officials were working on restarting negotiations with China before the tariffs went into place buoyed risk sentiment sending equities higher.

Yesterday afternoon, the Trump administration released its plan to restructure some federal agencies, including Fannie and Freddie. The plan calls for the two agencies to be privatized and create an insurance fund that would only be tapped into after substantial losses had been realized in the private market. The news had little impact on the MBS market yesterday, as most of the ideas in the proposal had been discussed previously.

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 Applications5.10%-1.50%
06/20/2018Current Account Balance-$129.0b-$124.1b-$128.2b-$116.1b
06/20/2018Existing Home Sales5.52m5.43m5.46m5.45m
06/20/2018Existing Home Sales MoM1.10%-0.40%-2.50%-2.70%
06/21/2018Initial Jobless Claims220k218k218k221k
06/21/2018Continuing Claims1710k1723k1697k1701k
06/21/2018Philadelphia Fed Business Outlook2919.934.4
06/21/2018FHFA House Price Index MoM0.50%0.10%0.10%0.20%
06/21/2018Bloomberg Economic Expectations5654.5
06/21/2018Bloomberg Consumer Comfort56.555.8
06/21/2018Leading Index0.40%0.20%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 Sales666k662k
06/25/2018New Home Sales MoM0.60%-1.50%
06/25/2018Dallas Fed Manf. Activity23.526.8
06/26/2018S&P CoreLogic CS 20-City MoM SA0.40%0.53%
06/26/2018S&P CoreLogic CS 20-City YoY NSA6.80%6.79%
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 Confidence128128
06/26/2018Conf. Board Present Situation161.7
06/26/2018Conf. Board Expectations105.6
06/27/2018MBA Mortgage Applications5.10%
06/27/2018Wholesale Inventories MoM0.10%
06/27/2018Durable Goods Orders-1.00%-1.60%
06/27/2018Advance Goods Trade Balance-$69.0b-$68.2b-$67.3b
06/27/2018Durables Ex Transportation0.40%0.90%
06/27/2018Retail Inventories MoM0.60%0.50%
06/27/2018Cap Goods Orders Nondef Ex Air0.50%1.00%
06/27/2018Cap Goods Ship Nondef Ex Air0.30%0.90%
06/27/2018Pending Home Sales MoM1.00%-1.30%
06/27/2018Pending Home Sales NSA YoY0.40%
06/28/2018GDP Annualized QoQ2.20%2.20%
06/28/2018Initial Jobless Claims220k218k
06/28/2018Continuing Claims1723k
06/28/2018Personal Consumption1.00%1.00%
06/28/2018GDP Price Index1.90%1.90%
06/28/2018Core PCE QoQ2.30%
06/28/2018Bloomberg Consumer Comfort56.5
06/28/2018Kansas City Fed Manf. Activity29
06/29/2018PCE Core YoY1.90%1.80%
06/29/2018Personal Income0.40%0.30%
06/29/2018Personal Spending0.40%0.60%
06/29/2018Real Personal Spending0.20%0.40%
06/29/2018PCE Deflator MoM0.20%0.20%
06/29/2018PCE Deflator YoY2.20%2.00%
06/29/2018PCE Core MoM0.20%0.20%
06/29/2018Chicago Purchasing Manager60.762.7
06/29/2018U. of Mich. Sentiment99.399.3
06/29/2018U. of Mich. Current Conditions117.9
06/29/2018U. of Mich. Expectations87.4
06/29/2018U. of Mich. 1 Yr Inflation2.90%
06/29/2018U. of Mich. 5-10 Yr Inflation2.60%