June 24, 2020 Headlines

The recent risk-on rally faded into the overnight session as the recent resurgence of virus cases dampened expectations on the pace of the economic recovery. For many Americans, unemployment benefits are slated to end on July 31st, however, lawmakers are already discussing another stimulus package which could pass in July according to Treasury Secretary Mnuchin. The news initially pushed US Treasury prices lower in the overnight session but spiked higher as $3.1 billion in tariffs are being weighed against France, Germany, Spain, and the UK. At the open, US Treasury yields are essentially unchanged and S&P500 futures are down .60%.

Chris Eckhoff
Associate, Investment Management Group

6/22/2020Chicago Fed Nat Activity Index-102.61-16.74-17.89
6/22/2020Existing Home Sales4.09m3.91m4.33m
6/22/2020Existing Home Sales MoM-5.60%-9.70%-17.80%
6/23/2020Markit US Manufacturing PMI5049.639.8
6/23/2020Markit US Services PMI4846.737.5
6/23/2020Markit US Composite PMI46.837
6/23/2020New Home Sales640k676k623k580k
6/23/2020New Home Sales MoM2.70%16.60%0.60%-5.20%
6/23/2020Richmond Fed Manufact. Index-20-27
6/24/2020MBA Mortgage Applications-8.70%8.00%
6/24/2020FHFA House Price Index MoM0.30%0.20%0.10%
6/25/2020Advance Goods Trade Balance-$68.1b-$69.7b
6/25/2020Wholesale Inventories MoM0.40%0.30%
6/25/2020Retail Inventories MoM-2.80%-3.60%
6/25/2020Durable Goods Orders10.10%-17.70%
6/25/2020Durables Ex Transportation2.20%-7.70%
6/25/2020Cap Goods Orders Nondef Ex Air1.00%-6.10%
6/25/2020Cap Goods Ship Nondef Ex Air-1.00%-5.70%
6/25/2020GDP Annualized QoQ-5.00%-5.00%
6/25/2020Personal Consumption-6.80%-6.80%
6/25/2020GDP Price Index1.40%1.40%
6/25/2020Core PCE QoQ1.60%1.60%
6/25/2020Initial Jobless Claims1335k1508k
6/25/2020Continuing Claims20000k20544k
6/25/2020Bloomberg Consumer Comfort40.2
6/25/2020Kansas City Fed Manf. Activity-3-19
6/26/2020Personal Income-6.00%10.50%
6/26/2020Personal Spending9.00%-13.60%
6/26/2020Real Personal Spending8.80%-13.20%
6/26/2020PCE Deflator MoM0.00%-0.50%
6/26/2020PCE Deflator YoY0.50%0.50%
6/26/2020PCE Core Deflator MoM0.00%-0.40%
6/26/2020PCE Core Deflator YoY0.90%1.00%
6/26/2020U. of Mich. Sentiment7978.9
6/26/2020U. of Mich. Current Conditions87.8
6/26/2020U. of Mich. Expectations73.1
6/26/2020U. of Mich. 1 Yr Inflation3.00%
6/26/2020U. of Mich. 5-10 Yr Inflation2.60%


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