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

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 NSA258.455258.678257.971
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-$235.3b-$234.0b
3/12/2020PPI Final Demand MoM-0.10%-0.60%0.50%
3/12/2020PPI Ex Food and Energy MoM0.10%-0.30%0.50%
3/12/2020PPI Ex Food, Energy, Trade MoM0.10%-0.10%0.40%
3/12/2020PPI Final Demand YoY1.80%1.30%2.10%
3/12/2020PPI Ex Food and Energy YoY1.70%1.40%1.70%
3/12/2020PPI Ex Food, Energy, Trade YoY1.50%1.40%1.50%
3/12/2020Initial Jobless Claims220k211k216k215k
3/12/2020Continuing Claims1733k1722k1729k1733k
3/12/2020Bloomberg Consumer Comfort62.763
3/12/2020Household Change in Net Worth$3148b$574b$800b
3/13/2020Import Price Index MoM-1.00%-0.50%0.00%0.10%
3/13/2020Import Price Index ex Petroleum MoM0.10%0.20%0.20%0.10%
3/13/2020Import Price Index YoY-1.50%-1.20%0.30%
3/13/2020Export Price Index MoM-0.40%-1.10%0.70%0.60%
3/13/2020Export Price Index YoY-0.60%-1.30%0.50%0.40%
3/13/2020Bloomberg March United States Economic Survey
3/13/2020U. of Mich. Sentiment9595.9101
3/13/2020U. of Mich. Current Conditions112.8112.5114.8
3/13/2020U. of Mich. Expectations88.185.392.1
3/13/2020U. of Mich. 1 Yr Inflation2.40%2.30%2.40%
3/13/2020U. of Mich. 5-10 Yr Inflation2.30%2.30%




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