After the sharp decline in risk assets on Friday, overnight moves in European and US equities were tame with S&P 500 futures set to open -.13%. In rates, the US Treasury curve bear-steepened after positive economic data out of Europe which pushed the 3-month/10-year yield spread back into positive territory. Fed-speakers will be starting out on the speaking circuit this week as market participants continue to digest the recent FOMC meeting. In addition, the New York economic calendar is light today with the release of the Dallas Fed Manufacturing Activity.

Chris Eckhoff
Associate, Investment Management Group

03/25/19Chicago Fed Nat Activity Index-0.38-0.29-0.43
03/25/19Dallas Fed Manf. Activity8.98.313.1
03/26/19Housing Starts1210k1230k
03/26/19Housing Starts MoM-1.60%18.60%
03/26/19Building Permits1305k1345k
03/26/19Building Permits MoM-0.90%1.40%
03/26/19FHFA House Price Index MoM0.40%0.30%
03/26/19S&P CoreLogic CS 20-City MoM SA0.30%0.19%
03/26/19S&P CoreLogic CS 20-City YoY NSA3.80%4.18%
03/26/19S&P CoreLogic CS 20-City NSA Index212.79212.96
03/26/19S&P CoreLogic CS US HPI YoY NSA4.72%
03/26/19S&P CoreLogic CS US HPI NSA Index205.35
03/26/19Richmond Fed Manufact. Index1016
03/26/19Conf. Board Consumer Confidence132.5131.4
03/26/19Conf. Board Present Situation173.5
03/26/19Conf. Board Expectations103.4
03/27/19MBA Mortgage Applications1.60%
03/27/19Trade Balance-$57.0b-$59.8b
03/27/19Current Account Balance-$130.4b-$124.8b
03/27/19Revisions: Industrial Production and Capacity Utilization
03/28/19GDP Annualized QoQ2.30%2.60%
03/28/19Personal Consumption2.60%2.80%
03/28/19GDP Price Index1.80%1.80%
03/28/19Core PCE QoQ1.70%1.70%
03/28/19Initial Jobless Claims220k221k
03/28/19Continuing Claims1778k1750k
03/28/19Bloomberg Consumer Comfort61.5
03/28/19Pending Home Sales MoM-0.30%4.60%
03/28/19Pending Home Sales NSA YoY-3.00%-3.20%
03/28/19Kansas City Fed Manf. Activity01
03/29/19Personal Income0.30%-0.10%
03/29/19Personal Spending0.30%-0.50%
03/29/19Real Personal Spending0.30%-0.60%
03/29/19PCE Deflator MoM0.00%0.10%
03/29/19PCE Deflator YoY1.40%1.70%
03/29/19PCE Core MoM0.20%0.20%
03/29/19PCE Core YoY1.90%1.90%
03/29/19MNI Chicago PMI6164.7
03/29/19New Home Sales620k607k
03/29/19New Home Sales MoM2.10%-6.90%
03/29/19U. of Mich. Sentiment97.897.8
03/29/19U. of Mich. Current Conditions111.2
03/29/19U. of Mich. Expectations89.2
03/29/19U. of Mich. 1 Yr Inflation2.40%
03/29/19U. of Mich. 5-10 Yr Inflation2.50%