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

Date	Event	Survey	Actual	Prior	Revised
3/10/2020	NFIB Small Business Optimism	102.9	104.5	104.3	—
3/11/2020	MBA Mortgage Applications	—	55.40%	15.10%	—
3/11/2020	CPI MoM	0.00%	0.10%	0.10%	—
3/11/2020	CPI Ex Food and Energy MoM	0.20%	0.20%	0.20%	—
3/11/2020	CPI YoY	2.20%	2.30%	2.50%	—
3/11/2020	CPI Ex Food and Energy YoY	2.30%	2.40%	2.30%	—
3/11/2020	CPI Index NSA	258.455	258.68	257.971	—
3/11/2020	CPI Core Index SA	266.913	267.07	266.476	—
3/11/2020	Real Avg Weekly Earnings YoY	—	0.70%	0.00%	—
3/11/2020	Real Avg Hourly Earning YoY	—	0.60%	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%	—	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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