March 19th Headlines

Treasury yields are modestly lower, and equities are set to open higher after the overnight session. There were no major economic headlines as all eyes are focused on the FOMC decision tomorrow. While no change is expected for the Fed Funds rate, market participants will be paying close attention to the FOMC forecasts after the reversal in January to a more “patient” approach. Regarding balance sheet reduction, it is uncertain that the Committee will provide any additional details.

Chris Eckhoff
Associate, Investment Management Group

Date Time	Event	Survey	Actual	Prior	Revised
3/18/2019	NAHB Housing Market Index	63	62	62	—
3/19/2019	Factory Orders	0.30%	0.10%	0.10%	—
3/19/2019	Factory Orders Ex Trans	—	-0.20%	-0.60%	-0.50%
3/19/2019	Durable Goods Orders	0.40%	0.30%	0.40%	—
3/19/2019	Durables Ex Transportation	-0.10%	-0.20%	-0.10%	—
3/19/2019	Cap Goods Orders Nondef Ex Air	0.80%	0.80%	0.80%	—
3/19/2019	Cap Goods Ship Nondef Ex Air	—	0.80%	0.80%	—
3/20/2019	MBA Mortgage Applications	—	—	2.30%	—
3/20/2019	FOMC Rate Decision (Upper Bound)	2.50%	—	2.50%	—
3/20/2019	FOMC Rate Decision (Lower Bound)	2.25%	—	2.25%	—
3/20/2019	Interest Rate on Excess Reserves	2.40%	—	2.40%	—
3/21/2019	Philadelphia Fed Business Outlook	4.6	—	-4.1	—
3/21/2019	Initial Jobless Claims	225k	—	229k	—
3/21/2019	Continuing Claims	1769k	—	1776k	—
3/21/2019	Bloomberg Consumer Comfort	—	—	60.8	—
3/21/2019	Bloomberg Economic Expectations	—	—	54.5	—
3/21/2019	Leading Index	0.10%	—	-0.10%	0.00%
3/22/2019	Markit US Manufacturing PMI	53.4	—	53	—
3/22/2019	Markit US Services PMI	55.5	—	56	—
3/22/2019	Markit US Composite PMI	—	—	55.5	—
3/22/2019	Wholesale Inventories MoM	0.10%	—	1.10%	—
3/22/2019	Wholesale Trade Sales MoM	—	—	-1.00%	—
3/22/2019	Existing Home Sales	5.10m	—	4.94m	—
3/22/2019	Existing Home Sales MoM	3.20%	—	-1.20%	—
3/22/2019	Monthly Budget Statement	-$227.0b	—	$8.7b	—