Treasuries prices are drifting lower on better overseas economic data and what is otherwise a quiet morning in the global markets. The final Eurozone PMI services data for February was revised higher today, and Japan released decent services sector data as well. On the trade front, Secretary of State Mike Pompeo said President Trump was willing to walk away from negotiations with China unless he secures a “perfect deal.” The White House appears to be also shifting focus to other countries, announcing yesterday that the U.S. plans to end preferential trade treatment for India, and the U.S. will also resume trade negotiations with the European Union this week. Three Fed leaders will be speaking today, beginning with Eric Rosengren (Boston Fed) early this morning.

Jason Haley
Managing Director, Investment Management Group
Date TimeEventSurveyActualPriorRevised
3/4/2019Conference Board Revises January LEI Report
3/4/2019Construction Spending MoM0.10%-0.60%0.80%
3/5/2019Markit US Services PMI56.256.2
3/5/2019Markit US Composite PMI55.8
3/5/2019ISM Non-Manufacturing Index57.456.7
3/5/2019New Home Sales600k657k
3/5/2019New Home Sales MoM-8.70%16.90%
3/5/2019Monthly Budget Statement$10.0b-$13.5b
3/6/2019MBA Mortgage Applications5.30%
3/6/2019ADP Employment Change190k213k
3/6/2019Trade Balance-$57.9b-$49.3b
3/6/2019U.S. Federal Reserve Releases Beige Book
3/7/2019Challenger Job Cuts YoY18.70%
3/7/2019Initial Jobless Claims225k225k
3/7/2019Continuing Claims1774k1805k
3/7/2019Nonfarm Productivity1.50%2.30%2.20%
3/7/2019Unit Labor Costs1.70%0.90%
3/7/2019Bloomberg Consumer Comfort61
3/7/2019Household Change in Net Worth$2070b
3/7/2019Consumer Credit$17.000b$16.554b
3/8/2019Housing Starts1200k1078k
3/8/2019Housing Starts MoM11.30%-11.20%
3/8/2019Building Permits1287k1326k
3/8/2019Building Permits MoM-2.90%0.30%
3/8/2019Change in Nonfarm Payrolls181k304k
3/8/2019Two-Month Payroll Net Revision
3/8/2019Change in Private Payrolls180k296k
3/8/2019Change in Manufact. Payrolls11k13k
3/8/2019Unemployment Rate3.90%4.00%
3/8/2019Average Hourly Earnings MoM0.30%0.10%
3/8/2019Average Hourly Earnings YoY3.30%3.20%
3/8/2019Average Weekly Hours All Employees34.534.5
3/8/2019Labor Force Participation Rate63.20%63.20%
3/8/2019Underemployment Rate8.10%