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

Date Event Surv(M) Actual Prior Revised
03/26 Chicago Fed Nat Activity Index 0.15 0.88 0.12 0.02
03/26 Dallas Fed Manf. Activity 33.5 37.2
03/27 S&P CoreLogic CS 20-City NSA Index 204.45
03/27 S&P CoreLogic CS 20-City MoM SA 0.60% 0.64%
03/27 S&P CoreLogic CS 20-City YoY NSA 6.10% 6.30%
03/27 S&P CoreLogic CS US HPI NSA Index 196.23
03/27 S&P CoreLogic CS US HPI YoY NSA 6.27%
03/27 Richmond Fed Manufact. Index 22 28
03/27 Conf. Board Consumer Confidence 131 130.8
03/27 Conf. Board Present Situation 162.4
03/27 Conf. Board Expectations 109.7
03/28 MBA Mortgage Applications -1.10%
03/28 Advance Goods Trade Balance -$74.2b -$74.4b -$75.3b
03/28 Wholesale Inventories MoM 0.50% 0.80%
03/28 GDP Annualized QoQ 2.70% 2.50%
03/28 Personal Consumption 3.80% 3.80%
03/28 GDP Price Index 2.30% 2.30%
03/28 Retail Inventories MoM 0.80% 0.70%
03/28 Core PCE QoQ 1.90% 1.90%
03/28 Pending Home Sales MoM 2.00% -4.70%
03/28 Pending Home Sales NSA YoY -1.70%
03/29 Revisions: Initial Jobless Claims
03/29 Personal Income 0.40% 0.40%
03/29 Personal Spending 0.20% 0.20%
03/29 Real Personal Spending 0.10% -0.10%
03/29 PCE Deflator MoM 0.20% 0.40%
03/29 PCE Deflator YoY 1.70% 1.70%
03/29 PCE Core MoM 0.20% 0.30%
03/29 PCE Core YoY 1.60% 1.50%
03/29 Initial Jobless Claims 230k 229k
03/29 Continuing Claims 1865k 1828k
03/29 Chicago Purchasing Manager 62 61.9
03/29 Bloomberg Consumer Comfort 56.8
03/29 U. of Mich. Sentiment 102 102
03/29 U. of Mich. Current Conditions 122.8
03/29 U. of Mich. Expectations 88.6
03/29 U. of Mich. 1 Yr Inflation 2.90%
03/29 U. of Mich. 5-10 Yr Inflation 2.50%