March 10, 2020 Headlines

Risk markets are rebounding today following President Trump’s announcement last night that the government would respond with temporary payroll tax cuts and targeted stimulus for people and businesses most impacted by the coronavirus panic. U.S. equity futures are up 3.5%, and Treasury yields are up 5-10 bps so far this morning. Oil futures are also bouncing back this morning after yesterday’s beatdown. WTI and Brent prices are up 8% today for front-month contracts despite Russian and Saudi Arabia both pledging to continue with a price war.

Jason Haley
Chief Investment Officer

Date	Event	Survey	Actual	Prior	Revised
3/10/2020	NFIB Small Business Optimism	102.8	104.5	104.3	—
3/11/2020	MBA Mortgage Applications	—	—	15.10%	—
3/11/2020	CPI MoM	0.00%	—	0.10%	—
3/11/2020	CPI Ex Food and Energy MoM	0.20%	—	0.20%	—
3/11/2020	CPI YoY	2.20%	—	2.50%	—
3/11/2020	CPI Ex Food and Energy YoY	2.30%	—	2.30%	—
3/11/2020	CPI Index NSA	258.455	—	257.971	—
3/11/2020	CPI Core Index SA	266.913	—	266.476	—
3/11/2020	Real Avg Weekly Earnings YoY	—	—	0.00%	—
3/11/2020	Real Avg Hourly Earning YoY	—	—	0.60%	0.50%
3/11/2020	Monthly Budget Statement	-$236.8b	—	-$234.0b	—
3/12/2020	PPI Final Demand MoM	-0.10%	—	0.50%	—
3/12/2020	PPI Ex Food and Energy MoM	0.10%	—	0.50%	—
3/12/2020	PPI Ex Food, Energy, Trade MoM	0.10%	—	0.40%	—
3/12/2020	PPI Final Demand YoY	1.80%	—	2.10%	—
3/12/2020	PPI Ex Food and Energy YoY	1.70%	—	1.70%	—
3/12/2020	Initial Jobless Claims	220k	—	216k	—
3/12/2020	PPI Ex Food, Energy, Trade YoY	—	—	1.50%	—
3/12/2020	Continuing Claims	1733k	—	1729k	—
3/12/2020	Bloomberg Consumer Comfort	—	—	63	—
3/12/2020	Household Change in Net Worth	—	—	$574b	—
3/13/2020	Import Price Index MoM	-1.00%	—	0.00%	—
3/13/2020	Import Price Index ex Petroleum MoM	0.10%	—	0.20%	—
3/13/2020	Import Price Index YoY	-1.50%	—	0.30%	—
3/13/2020	Export Price Index MoM	-0.40%	—	0.70%	—
3/13/2020	Export Price Index YoY	-0.60%	—	0.50%	—
3/13/2020	Bloomberg March United States Economic Survey
3/13/2020	U. of Mich. Sentiment	95	—	101	—
3/13/2020	U. of Mich. Current Conditions	112.8	—	114.8	—
3/13/2020	U. of Mich. Expectations	88.1	—	92.1	—
3/13/2020	U. of Mich. 1 Yr Inflation	2.40%	—	2.40%	—
3/13/2020	U. of Mich. 5-10 Yr Inflation	—	—	2.30%	—

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