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

5/18/2020NAHB Housing Market Index353730
5/19/2020Housing Starts904k1216k
5/19/2020Housing Starts MoM-25.70%-22.30%
5/19/2020Building Permits1000k1353k1350k
5/19/2020Building Permits MoM-25.90%-6.80%-7.00%
5/20/2020MBA Mortgage Applications0.30%
5/20/2020FOMC Meeting Minutes
5/21/2020Philadelphia Fed Business Outlook-40-56.6
5/21/2020Initial Jobless Claims2400k2981k
5/21/2020Continuing Claims23500k22833k
5/21/2020Bloomberg Economic Expectations29
5/21/2020Bloomberg Consumer Comfort35.8
5/21/2020Markit US Manufacturing PMI38.536.1
5/21/2020Markit US Services PMI3226.7
5/21/2020Markit US Composite PMI27
5/21/2020Leading Index-5.50%-6.70%
5/21/2020Existing Home Sales4.25m5.27m
5/21/2020Existing Home Sales MoM-19.40%-8.50%


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