June 28, 2019 Headlines

Global markets are relatively quiet this morning ahead of the Trump/Xi meeting later tonight at the G-20 summit in Japan. Treasury prices are essentially unchanged on the day, and S&P 500 futures are up 0.23%. President Trump has made positive/hopeful comments ahead of his meeting with Xi, but at this point, another cease-fire agreement would be a positive outcome from a market perspective.

May personal income, spending, and inflation data were generally positive. The spending growth data was actually lower than expected, but that was due in part to the fact that the prior month was revised higher. Core PCE was in line with expectations on a month-over-month basis (0.2%), and the year-over-year measure actually held at 1.6% (markets expected 1.5%).

Jason Haley
Managing Director, Investment Management Group

6/28/2019Personal Income0.30%0.50%0.50%
6/28/2019Personal Spending0.50%0.40%0.30%0.60%
6/28/2019Real Personal Spending0.40%0.20%0.00%0.20%
6/28/2019PCE Deflator MoM0.20%0.20%0.30%
6/28/2019PCE Deflator YoY1.50%1.50%1.50%1.60%
6/28/2019PCE Core Deflator MoM0.20%0.20%0.20%
6/28/2019PCE Core Deflator YoY1.50%1.60%1.60%
6/28/2019MNI Chicago PMI53.554.2
6/28/2019U. of Mich. Sentiment97.997.9
6/28/2019U. of Mich. Current Conditions112.5
6/28/2019U. of Mich. Expectations88.6
6/28/2019U. of Mich. 1 Yr Inflation2.60%
6/28/2019U. of Mich. 5-10 Yr Inflation2.20%




























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