March 11, 2020 Headlines

Risk-off sentiment return to the market overnight after rebounding yesterday on President Trump’s announcement of fiscal stimulus to reduce the impact of the coronavirus. So far, lawmaker’s have failed to offer specific details on the proposal causing the US Treasury curve to bull-flatten with 10-year yield reaching a low of .65% and sending S&P 500 futures down 3%. While fiscal policy is still be debated, central banks continue to provide relief. The Bank of England unanimously voted to issue an emergency rate cut, lowing short-term rates by 50bps. Now all the attention has turned to the European Central Bank which concludes its scheduled meeting tomorrow.

Chris Eckhoff
Associate, Investment Management Group

3/10/2020NFIB Small Business Optimism102.9104.5104.3
3/11/2020MBA Mortgage Applications55.40%15.10%
3/11/2020CPI MoM0.00%0.10%0.10%
3/11/2020CPI Ex Food and Energy MoM0.20%0.20%0.20%
3/11/2020CPI YoY2.20%2.30%2.50%
3/11/2020CPI Ex Food and Energy YoY2.30%2.40%2.30%
3/11/2020CPI Index NSA258.455258.68257.971
3/11/2020CPI Core Index SA266.913267.07266.476
3/11/2020Real Avg Weekly Earnings YoY0.70%0.00%
3/11/2020Real Avg Hourly Earning YoY0.60%0.60%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%1.50%
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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