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 TimeEventSurveyActualPriorRevised
3/18/2019NAHB Housing Market Index636262
3/19/2019Factory Orders0.30%0.10%0.10%
3/19/2019Factory Orders Ex Trans-0.20%-0.60%-0.50%
3/19/2019Durable Goods Orders0.40%0.30%0.40%
3/19/2019Durables Ex Transportation-0.10%-0.20%-0.10%
3/19/2019Cap Goods Orders Nondef Ex Air0.80%0.80%0.80%
3/19/2019Cap Goods Ship Nondef Ex Air0.80%0.80%
3/20/2019MBA Mortgage Applications2.30%
3/20/2019FOMC Rate Decision (Upper Bound)2.50%2.50%
3/20/2019FOMC Rate Decision (Lower Bound)2.25%2.25%
3/20/2019Interest Rate on Excess Reserves2.40%2.40%
3/21/2019Philadelphia Fed Business Outlook4.6-4.1
3/21/2019Initial Jobless Claims225k229k
3/21/2019Continuing Claims1769k1776k
3/21/2019Bloomberg Consumer Comfort60.8
3/21/2019Bloomberg Economic Expectations54.5
3/21/2019Leading Index0.10%-0.10%0.00%
3/22/2019Markit US Manufacturing PMI53.453
3/22/2019Markit US Services PMI55.556
3/22/2019Markit US Composite PMI55.5
3/22/2019Wholesale Inventories MoM0.10%1.10%
3/22/2019Wholesale Trade Sales MoM-1.00%
3/22/2019Existing Home Sales5.10m4.94m
3/22/2019Existing Home Sales MoM3.20%-1.20%
3/22/2019Monthly Budget Statement-$227.0b$8.7b