Treasury prices are little changed with balanced two-way trading in the overnight session, and S&P 500 futures are currently up 11 points. All major global equity indices are in the green today, led by the Nikkei (+1.8%) and Hang Seng (+2.1%). The positive trend overnight in equities was a follow-through to activity in U.S. markets yesterday, where reports of the White House moderating its stance on tariffs bolstering sentiment. Also making headlines this morning is a report that North Korea is willing to denuclearize if the safety of Kim Jong Un’s regime is guaranteed, according to South Korean delegates meeting with North Korean leaders this week. Three Fed leaders are scheduled to speak today, including New York Fed President Bill Dudley. Vice Chair Quarles spoke yesterday on bank regulation, and he indicated that policymakers are working on material changes to the Volcker rule, and he expects a proposal to be announced in the near future.
Jason Haley
Managing Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior |
| 03/05 | Markit US Services PMI | 55.9 | 55.9 | 55.9 |
| 03/05 | Markit US Composite PMI | — | 55.8 | 55.9 |
| 03/05 | ISM Non-Manf. Composite | 59 | 59.5 | 59.9 |
| 03/06 | Factory Orders | -1.40% | — | 1.70% |
| 03/06 | Factory Orders Ex Trans | — | — | 0.70% |
| 03/06 | Durable Goods Orders | -3.60% | — | -3.70% |
| 03/06 | Durables Ex Transportation | — | — | -0.30% |
| 03/06 | Cap Goods Orders Nondef Ex Air | — | — | -0.20% |
| 03/06 | Cap Goods Ship Nondef Ex Air | — | — | 0.10% |
| 03/07 | MBA Mortgage Applications | — | — | 2.70% |
| 03/07 | ADP Employment Change | 200k | — | 234k |
| 03/07 | Nonfarm Productivity | -0.10% | — | -0.10% |
| 03/07 | Unit Labor Costs | 2.10% | — | 2.00% |
| 03/07 | Trade Balance | -$55.1b | — | -$53.1b |
| 03/07 | U.S. Federal Reserve Releases Beige Book | |||
| 03/07 | Consumer Credit | $17.650b | — | $18.447b |
| 03/08 | Challenger Job Cuts YoY | — | — | -2.80% |
| 03/08 | Initial Jobless Claims | 220k | — | 210k |
| 03/08 | Continuing Claims | 1919k | — | 1931k |
| 03/08 | Bloomberg Consumer Comfort | — | — | 56.2 |
| 03/08 | Household Change in Net Worth | — | — | $1742b |
| 03/09 | Change in Nonfarm Payrolls | 200k | — | 200k |
| 03/09 | Two-Month Payroll Net Revision | — | — | — |
| 03/09 | Change in Private Payrolls | 198k | — | 196k |
| 03/09 | Change in Manufact. Payrolls | 15k | — | 15k |
| 03/09 | Unemployment Rate | 4.00% | — | 4.10% |
| 03/09 | Underemployment Rate | — | — | 8.20% |
| 03/09 | Average Hourly Earnings MoM | 0.20% | — | 0.30% |
| 03/09 | Average Hourly Earnings YoY | 2.80% | — | 2.90% |
| 03/09 | Average Weekly Hours All Employees | 34.4 | — | 34.3 |
| 03/09 | Labor Force Participation Rate | 62.70% | — | 62.70% |
| 03/09 | Wholesale Trade Sales MoM | — | — | 1.20% |
| 03/09 | Wholesale Inventories MoM | 0.70% | — | 0.70% |