March 24, 2020 Headlines

Risk markets are opening better today, with general credit spreads firming and U.S. equity futures up 5% ahead of the open. Treasury yields are 2-7 bps higher, and the curve is modestly steeper.  Agency MBS is tightening relatives to rates for the second day in a row as the Fed commits to buy those securities on an unlimited basis to smooth market functionality. Congress continues to debate the fiscal stimulus package, and House Speaker Nancy Pelosi has introduced a counterproposal to the Senate package that adds up to $2.5 trillion. Eurozone preliminary PMI data for March was even uglier than expected, with the services survey plunging 24 points to 28.4 (39.5 expected). U.S. data will be released later this morning.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
3/23/2020Chicago Fed Nat Activity Index-0.350.16-0.25-0.33
3/24/2020Bloomberg Consumer Comfort——63—
3/24/2020Markit US Manufacturing PMI43.5—50.7—
3/24/2020Markit US Services PMI42—49.4—
3/24/2020Markit US Composite PMI——49.6—
3/24/2020Revisions: Wholesale Inventories
3/24/2020New Home Sales750k—764k—
3/24/2020New Home Sales MoM-1.80%—7.90%—
3/24/2020Richmond Fed Manufact. Index-13—-2—
3/25/2020MBA Mortgage Applications——-8.40%—
3/25/2020Durable Goods Orders-1.00%—-0.20%—
3/25/2020Durables Ex Transportation-0.40%—0.80%—
3/25/2020Cap Goods Orders Nondef Ex Air-0.40%—1.10%—
3/25/2020Cap Goods Ship Nondef Ex Air-0.20%—1.00%—
3/25/2020FHFA House Price Index MoM0.40%—0.60%—
3/26/2020Advance Goods Trade Balance-$63.4b—-$65.5b-$65.9b
3/26/2020Wholesale Inventories MoM-0.20%—-0.40%—
3/26/2020Retail Inventories MoM-0.10%—0.00%—
3/26/2020GDP Annualized QoQ2.10%—2.10%—
3/26/2020Personal Consumption1.70%—1.70%—
3/26/2020GDP Price Index1.30%—1.30%—
3/26/2020Core PCE QoQ1.20%—1.20%—
3/26/2020Initial Jobless Claims1500k—281k—
3/26/2020Continuing Claims1791k—1701k—
3/26/2020Kansas City Fed Manf. Activity-10—5—
3/27/2020Personal Income0.40%—0.60%—
3/27/2020Personal Spending0.20%—0.20%—
3/27/2020Real Personal Spending0.20%—0.10%—
3/27/2020PCE Deflator MoM0.10%—0.10%—
3/27/2020PCE Deflator YoY1.70%—1.70%—
3/27/2020PCE Core Deflator MoM0.20%—0.10%—
3/27/2020PCE Core Deflator YoY1.70%—1.60%—
3/27/2020U. of Mich. Sentiment90—95.9—
3/27/2020U. of Mich. Current Conditions106—112.5—
3/27/2020U. of Mich. Expectations77—85.3—
3/27/2020U. of Mich. 1 Yr Inflation——2.30%—
3/27/2020U. of Mich. 5-10 Yr Inflation——2.30%—

 

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Subscribe

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.