May 19, 2020 Headlines

The US Treasury curve bear-steepened yesterday as part of the global risk-on trade sparked by positive test results from Moderna’s experimental COVID-19 vaccine and further lockdowns being lifted. In the overnight session, the rally in equities began to fade (S&P500 -.26%) which provided support for Treasury prices. US-China skirmishes continue to flare up in headlines as the NASDAQ is set to unveil new restrictions on initial public offerings that will make it harder for Chinese companies to list on the exchange. 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.

Chris Eckhoff
Associate, Investment Management Group

DateEventSurveyActualPriorRevised
5/18/2020NAHB Housing Market Index353730
5/19/2020Revisions: Housing Starts & Building Permits
5/19/2020Housing Starts900k891k1216k1276k
5/19/2020Housing Starts MoM-26.00%-30.20%-22.30%-18.60%
5/19/2020Building Permits1000k1074k1353k1356k
5/19/2020Building Permits MoM-25.90%-20.80%-6.80%-5.70%
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 PMI39.536.1
5/21/2020Markit US Services PMI32.326.7
5/21/2020Markit US Composite PMI27
5/21/2020Leading Index-5.40%-6.70%
5/21/2020Existing Home Sales4.22m5.27m
5/21/2020Existing Home Sales MoM-19.90%-8.50%

 

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