Treasuries sold off last night by around 3 basis points in response to reports that the US and China had been working behind closed doors to hash out a trade deal before their current disagreements become a full blown trade war. Risk assets rallied, with US equities leading the way, the S&P 500 up 1.4%. The economic calendar is light today, with only the Chicago and Dallas Federal Reserve Banks reporting their national activity indices. This week is a short week as the markets are closed Friday in observance of Good Friday and this Thursday is an early close at 2 PM EDT.

Hafizan Hamzah
Director, Investment Management Group

03/26Chicago Fed Nat Activity Index0.150.880.120.02
03/26Dallas Fed Manf. Activity33.537.2
03/27S&P CoreLogic CS 20-City NSA Index204.45
03/27S&P CoreLogic CS 20-City MoM SA0.60%0.64%
03/27S&P CoreLogic CS 20-City YoY NSA6.10%6.30%
03/27S&P CoreLogic CS US HPI NSA Index196.23
03/27S&P CoreLogic CS US HPI YoY NSA6.27%
03/27Richmond Fed Manufact. Index2228
03/27Conf. Board Consumer Confidence131130.8
03/27Conf. Board Present Situation162.4
03/27Conf. Board Expectations109.7
03/28MBA Mortgage Applications-1.10%
03/28Advance Goods Trade Balance-$74.2b-$74.4b-$75.3b
03/28Wholesale Inventories MoM0.50%0.80%
03/28GDP Annualized QoQ2.70%2.50%
03/28Personal Consumption3.80%3.80%
03/28GDP Price Index2.30%2.30%
03/28Retail Inventories MoM0.80%0.70%
03/28Core PCE QoQ1.90%1.90%
03/28Pending Home Sales MoM2.00%-4.70%
03/28Pending Home Sales NSA YoY-1.70%
03/29Revisions: Initial Jobless Claims
03/29Personal Income0.40%0.40%
03/29Personal Spending0.20%0.20%
03/29Real Personal Spending0.10%-0.10%
03/29PCE Deflator MoM0.20%0.40%
03/29PCE Deflator YoY1.70%1.70%
03/29PCE Core MoM0.20%0.30%
03/29PCE Core YoY1.60%1.50%
03/29Initial Jobless Claims230k229k
03/29Continuing Claims1865k1828k
03/29Chicago Purchasing Manager6261.9
03/29Bloomberg Consumer Comfort56.8
03/29U. of Mich. Sentiment102102
03/29U. of Mich. Current Conditions122.8
03/29U. of Mich. Expectations88.6
03/29U. of Mich. 1 Yr Inflation2.90%
03/29U. of Mich. 5-10 Yr Inflation2.50%