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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