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

3/10/2020NFIB Small Business Optimism102.8104.5104.3
3/11/2020MBA Mortgage Applications15.10%
3/11/2020CPI MoM0.00%0.10%
3/11/2020CPI Ex Food and Energy MoM0.20%0.20%
3/11/2020CPI YoY2.20%2.50%
3/11/2020CPI Ex Food and Energy YoY2.30%2.30%
3/11/2020CPI Index NSA258.455257.971
3/11/2020CPI Core Index SA266.913266.476
3/11/2020Real Avg Weekly Earnings YoY0.00%
3/11/2020Real Avg Hourly Earning YoY0.60%0.50%
3/11/2020Monthly Budget Statement-$236.8b-$234.0b
3/12/2020PPI Final Demand MoM-0.10%0.50%
3/12/2020PPI Ex Food and Energy MoM0.10%0.50%
3/12/2020PPI Ex Food, Energy, Trade MoM0.10%0.40%
3/12/2020PPI Final Demand YoY1.80%2.10%
3/12/2020PPI Ex Food and Energy YoY1.70%1.70%
3/12/2020Initial Jobless Claims220k216k
3/12/2020PPI Ex Food, Energy, Trade YoY1.50%
3/12/2020Continuing Claims1733k1729k
3/12/2020Bloomberg Consumer Comfort63
3/12/2020Household Change in Net Worth$574b
3/13/2020Import Price Index MoM-1.00%0.00%
3/13/2020Import Price Index ex Petroleum MoM0.10%0.20%
3/13/2020Import Price Index YoY-1.50%0.30%
3/13/2020Export Price Index MoM-0.40%0.70%
3/13/2020Export Price Index YoY-0.60%0.50%
3/13/2020Bloomberg March United States Economic Survey
3/13/2020U. of Mich. Sentiment95101
3/13/2020U. of Mich. Current Conditions112.8114.8
3/13/2020U. of Mich. Expectations88.192.1
3/13/2020U. of Mich. 1 Yr Inflation2.40%2.40%
3/13/2020U. of Mich. 5-10 Yr Inflation2.30%


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