May 18, 2020 Headlines

Treasury yields are drifting higher amid a relatively robust risk-on trade in global markets. Major European equity indices are up more than 3%, and S&P 500 futures are up 2.6% ahead of the open. There are several headlines contributing to the positive tone to start the week. Fed Chair Powell said yesterday that the Fed is “not out of ammunition by a long shot,” and he again ruled out negative rates as a Fed policy tool. Further lockdown lifting and positive vaccine news are also boosting risk assets today. Regarding the latter, an experimental vaccine from Moderna showed early signs of sparking an immune-system response to COVID-19 similar to those who have recovered from the virus. For this week’s economic calendar, the minutes of the April 29 FOMC meeting will be released on Wednesday, which may be less of a market focus given multiple appearances by Powell in the last week and more to come this week.

Jason Haley
Chief Investment Officer

Date Event Survey Actual Prior Revised
5/18/2020 NAHB Housing Market Index 35 37 30
5/19/2020 Housing Starts 904k 1216k
5/19/2020 Housing Starts MoM -25.70% -22.30%
5/19/2020 Building Permits 1000k 1353k 1350k
5/19/2020 Building Permits MoM -25.90% -6.80% -7.00%
5/20/2020 MBA Mortgage Applications 0.30%
5/20/2020 FOMC Meeting Minutes
5/21/2020 Philadelphia Fed Business Outlook -40 -56.6
5/21/2020 Initial Jobless Claims 2400k 2981k
5/21/2020 Continuing Claims 23500k 22833k
5/21/2020 Bloomberg Economic Expectations 29
5/21/2020 Bloomberg Consumer Comfort 35.8
5/21/2020 Markit US Manufacturing PMI 38.5 36.1
5/21/2020 Markit US Services PMI 32 26.7
5/21/2020 Markit US Composite PMI 27
5/21/2020 Leading Index -5.50% -6.70%
5/21/2020 Existing Home Sales 4.25m 5.27m
5/21/2020 Existing Home Sales MoM -19.40% -8.50%


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