Treasury prices are modestly lower following a relatively quiet overnight session from a trading volumes perspective. There are some positive reports on the U.S./China trade front, which are contributing positively to the tone in risk markets this morning. The White House and senior Chinese officials are reportedly discussing a deal that would ease current penalties against Chinese telecom giant ZTE in exchange for other U.S. demands. ZTE had been accused of secretly shipping goods to North Korea and Iran, both of which were under international trade sanctions. President Trump announced the ZTE negotiations via Twitter, and it’s being considered a surprising (and positive) change in tone between both parties. At the same time, Chinese regulators have restarted their review of Qualcomm Inc.’s acquisition of NXP Semiconductors NV, and Vice Premier Liu He will be travelling to the United States tomorrow for more trade talks with Treasury Secretary Steve Mnuchin. There are no economic releases on the calendar today, and April retail sales will headline activity tomorrow.
Jason Haley
Managing Director, Investment Management Group
| Date Time | Event | Survey | Actual | Prior | Revised |
| 05/15/2018 | Empire Manufacturing | 15 | — | 15.8 | — |
| 05/15/2018 | Retail Sales Advance MoM | 0.30% | — | 0.60% | — |
| 05/15/2018 | Retail Sales Ex Auto MoM | 0.50% | — | 0.20% | — |
| 05/15/2018 | Retail Sales Ex Auto and Gas | 0.40% | — | 0.30% | — |
| 05/15/2018 | Retail Sales Control Group | 0.40% | — | 0.40% | — |
| 05/15/2018 | Business Inventories | 0.10% | — | 0.60% | — |
| 05/15/2018 | NAHB Housing Market Index | 69 | — | 69 | — |
| 05/15/2018 | Total Net TIC Flows | — | — | $44.7b | — |
| 05/15/2018 | Net Long-term TIC Flows | — | — | $49.0b | — |
| 05/15/2018 | Mortgage Delinquencies | — | — | 5.17% | — |
| 05/15/2018 | MBA Mortgage Foreclosures | — | — | 1.19% | — |
| 05/16/2018 | MBA Mortgage Applications | — | — | -0.40% | — |
| 05/16/2018 | Revisions: Housing Starts | ||||
| 05/16/2018 | Housing Starts | 1310k | — | 1319k | — |
| 05/16/2018 | Housing Starts MoM | -0.70% | — | 1.90% | — |
| 05/16/2018 | Building Permits | 1350k | — | 1354k | 1379k |
| 05/16/2018 | Building Permits MoM | -2.10% | — | 2.50% | 4.40% |
| 05/16/2018 | Industrial Production MoM | 0.60% | — | 0.50% | — |
| 05/16/2018 | Manufacturing (SIC) Production | 0.50% | — | 0.10% | — |
| 05/16/2018 | Capacity Utilization | 78.40% | — | 78.00% | — |
| 05/17/2018 | Initial Jobless Claims | 215k | — | 211k | — |
| 05/17/2018 | Continuing Claims | 1780k | — | 1790k | — |
| 05/17/2018 | Philadelphia Fed Business Outlook | 21 | — | 23.2 | — |
| 05/17/2018 | Bloomberg Economic Expectations | — | — | 52.5 | — |
| 05/17/2018 | Bloomberg Consumer Comfort | — | — | 55.8 | — |
| 05/17/2018 | Leading Index | 0.40% | — | 0.30% | — |
| 05/21/2018 | Chicago Fed Nat Activity Index | — | — | 0.1 | — |