March 13, 2020 Headlines

Following the worst trading session for US equities since 1987, the Treasury curve bear steepened overnight on risk-on flows due to liquidity injections from central banks, renewed hope on a fiscal stimulus package, and improvements to coronavirus testing. Yesterday’s European Central Bank meeting largely disappointed investors with the proposed stimulus plan viewed as too subdued to combat the fallout from the virus. In order to limit the damage, European governments have started to present measures to address the crisis with Germany going as far announcing it will have “no limit on the credit program for companies”. Both the US and European countries have faced criticisms in their current ability to test patients that may be infected by the virus. A swiss company was granted emergency approval by the FDA for an automated coronavirus test that would speed up the ability to test and identify patients potentially reducing the spread of the virus.

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	258.678	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	-$235.3b	-$234.0b	—
3/12/2020	PPI Final Demand MoM	-0.10%	-0.60%	0.50%	—
3/12/2020	PPI Ex Food and Energy MoM	0.10%	-0.30%	0.50%	—
3/12/2020	PPI Ex Food, Energy, Trade MoM	0.10%	-0.10%	0.40%	—
3/12/2020	PPI Final Demand YoY	1.80%	1.30%	2.10%	—
3/12/2020	PPI Ex Food and Energy YoY	1.70%	1.40%	1.70%	—
3/12/2020	PPI Ex Food, Energy, Trade YoY	1.50%	1.40%	1.50%	—
3/12/2020	Initial Jobless Claims	220k	211k	216k	215k
3/12/2020	Continuing Claims	1733k	1722k	1729k	1733k
3/12/2020	Bloomberg Consumer Comfort	—	62.7	63	—
3/12/2020	Household Change in Net Worth	—	$3148b	$574b	$800b
3/13/2020	Import Price Index MoM	-1.00%	-0.50%	0.00%	0.10%
3/13/2020	Import Price Index ex Petroleum MoM	0.10%	0.20%	0.20%	0.10%
3/13/2020	Import Price Index YoY	-1.50%	-1.20%	0.30%	—
3/13/2020	Export Price Index MoM	-0.40%	-1.10%	0.70%	0.60%
3/13/2020	Export Price Index YoY	-0.60%	-1.30%	0.50%	0.40%
3/13/2020	Bloomberg March United States Economic Survey
3/13/2020	U. of Mich. Sentiment	95	95.9	101	—
3/13/2020	U. of Mich. Current Conditions	112.8	112.5	114.8	—
3/13/2020	U. of Mich. Expectations	88.1	85.3	92.1	—
3/13/2020	U. of Mich. 1 Yr Inflation	2.40%	2.30%	2.40%	—
3/13/2020	U. of Mich. 5-10 Yr Inflation	—	2.30%	2.30%	—

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