Fixed income markets are more settled this morning (in very relative terms) following yesterday’s big sell-off. Treasury yields rose 20-40 bps on the day, and the yield curve steepened 22 bps, as measured by the 2yr-10yr spread. The 3mo-10yr Treasury spread steepened 40 bps and is currently at 1.02%. Equity markets are set for another rough day, with S&P 500 futures down nearly 4% ahead of the open. The Fed is reopening another 2008-era liquidity vehicle, the Primary Dealer Credit Facility (PDCF). This facility allows primary dealers to borrow against a wide range of collateral for terms up to 90 days at 0.25%. In that way, the facility is very similar to the Fed’s discount window, which is limited to only depository institutions. This should further ease the liquidity pressures in fixed income markets, and the Fed appears ready to establish whatever facilities are needed.
Jason Haley
Chief Investment Officer
Date | Event | Survey | Actual | Prior | Revised |
3/16/2020 | Empire Manufacturing | 3 | -21.5 | 12.9 | — |
3/16/2020 | Net Long-term TIC Flows | — | $20.9b | $85.6b | — |
3/16/2020 | Total Net TIC Flows | — | $122.9b | $78.2b | $78.7b |
3/17/2020 | Retail Sales Advance MoM | 0.20% | -0.50% | 0.30% | 0.60% |
3/17/2020 | Retail Sales Ex Auto MoM | 0.10% | -0.40% | 0.30% | 0.60% |
3/17/2020 | Retail Sales Ex Auto and Gas | 0.30% | -0.20% | 0.40% | 0.70% |
3/17/2020 | Retail Sales Control Group | 0.40% | 0.00% | 0.00% | 0.40% |
3/17/2020 | Industrial Production MoM | 0.40% | 0.60% | -0.30% | -0.50% |
3/17/2020 | Capacity Utilization | 77.10% | 77.00% | 76.80% | 76.60% |
3/17/2020 | Manufacturing (SIC) Production | 0.20% | 0.10% | -0.10% | -0.20% |
3/17/2020 | Business Inventories | -0.10% | -0.10% | 0.10% | 0.00% |
3/17/2020 | JOLTS Job Openings | 6400 | 6963 | 6423 | 6552 |
3/17/2020 | NAHB Housing Market Index | 73 | 72 | 74 | — |
3/18/2020 | MBA Mortgage Applications | — | -8.40% | 55.40% | — |
3/18/2020 | Housing Starts | 1500k | 1599k | 1567k | 1624k |
3/18/2020 | Housing Starts MoM | -4.30% | -1.50% | -3.60% | 1.40% |
3/18/2020 | Building Permits | 1500k | 1464k | 1551k | 1550k |
3/18/2020 | Building Permits MoM | -3.20% | -5.50% | 9.20% | — |
3/19/2020 | Current Account Balance | -$108.6b | — | -$124.1b | — |
3/19/2020 | Revisions: Jobless Claims | ||||
3/19/2020 | Philadelphia Fed Business Outlook | 8 | — | 36.7 | — |
3/19/2020 | Initial Jobless Claims | 220k | — | 211k | — |
3/19/2020 | Continuing Claims | 1738k | — | 1722k | — |
3/19/2020 | Bloomberg Economic Expectations | — | — | 57.5 | — |
3/19/2020 | Bloomberg Consumer Comfort | — | — | 62.7 | — |
3/19/2020 | Leading Index | 0.10% | — | 0.80% | — |
3/20/2020 | Existing Home Sales | 5.51m | — | 5.46m | — |
3/20/2020 | Existing Home Sales MoM | 0.90% | — | -1.30% | — |
Subscribe Today!
Subscribe to our email list and get the latest articles and announcements from ALM First.