June 4, 2019 Headlines

US Treasuries bear flattened overnight reversing gains in the week-long rally that saw the 2-year yield 24 bps lower. Headlines regarding tariffs were positive as the Mexican Foreign Minister Marcel Ebrard quantified the odds at 80% to negotiate a solution with US and avoid tariffs on exports, which go into effect on June 10th. Both US and Mexican officials are currently negotiating in Washington with a summit planned for tomorrow. During the trading day, the focus will be on the Fed monetary policy conference where Chairman Powell will provide opening remarks. The markets will be carefully watching for any clues regarding rate cut expectations in the upcoming June 18-19th meeting.

Chris Eckhoff
Associate, Investment Management Group

6/3/2019Markit US Manufacturing PMI50.650.550.6
6/3/2019ISM Manufacturing5352.152.8
6/3/2019ISM Employment53.752.4
6/3/2019ISM Prices Paid5153.250
6/3/2019ISM New Orders52.751.7
6/3/2019Construction Spending MoM0.40%0.00%-0.90%0.10%
6/3/2019Wards Total Vehicle Sales16.90m17.30m16.40m
6/4/2019Factory Orders-1.00%-0.80%1.90%1.30%
6/4/2019Factory Orders Ex Trans0.30%0.80%0.30%
6/4/2019Durable Goods Orders-2.10%-2.10%
6/4/2019Durables Ex Transportation0.00%0.00%
6/4/2019Cap Goods Orders Nondef Ex Air-1.00%-0.90%
6/4/2019Cap Goods Ship Nondef Ex Air0.00%0.00%
6/5/2019MBA Mortgage Applications-3.30%
6/5/2019ADP Employment Change185k275k
6/5/2019Markit US Services PMI50.950.9
6/5/2019Markit US Composite PMI50.9
6/5/2019ISM Non-Manufacturing Index55.455.5
6/5/2019U.S. Federal Reserve Releases Beige Book
6/6/2019Challenger Job Cuts YoY10.90%
6/6/2019Revisions: Trade Balance
6/6/2019Nonfarm Productivity3.50%3.60%
6/6/2019Unit Labor Costs-0.90%-0.90%
6/6/2019Initial Jobless Claims215k215k
6/6/2019Continuing Claims1660k1657k
6/6/2019Trade Balance-$50.7b-$50.0b
6/6/2019Bloomberg Consumer Comfort60.8
6/6/2019Household Change in Net Worth-$3730b
6/7/2019Change in Nonfarm Payrolls180k263k
6/7/2019Two-Month Payroll Net Revision16k
6/7/2019Change in Private Payrolls175k236k
6/7/2019Change in Manufact. Payrolls4k4k
6/7/2019Unemployment Rate3.60%3.60%
6/7/2019Average Hourly Earnings MoM0.30%0.20%
6/7/2019Average Hourly Earnings YoY3.20%3.20%
6/7/2019Average Weekly Hours All Employees34.534.4
6/7/2019Labor Force Participation Rate62.80%
6/7/2019Underemployment Rate7.30%
6/7/2019Wholesale Trade Sales MoM-0.20%2.30%
6/7/2019Wholesale Inventories MoM0.70%0.70%
6/7/2019Consumer Credit$13.000b$10.281b














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