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

Date Event Survey Actual Prior Revised
5/18/2020 NAHB Housing Market Index 35 37 30
5/19/2020 Revisions: Housing Starts & Building Permits
5/19/2020 Housing Starts 900k 891k 1216k 1276k
5/19/2020 Housing Starts MoM -26.00% -30.20% -22.30% -18.60%
5/19/2020 Building Permits 1000k 1074k 1353k 1356k
5/19/2020 Building Permits MoM -25.90% -20.80% -6.80% -5.70%
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 39.5 36.1
5/21/2020 Markit US Services PMI 32.3 26.7
5/21/2020 Markit US Composite PMI 27
5/21/2020 Leading Index -5.40% -6.70%
5/21/2020 Existing Home Sales 4.22m 5.27m
5/21/2020 Existing Home Sales MoM -19.90% -8.50%


Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content. Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.