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