May 20, 2020 Headlines

Treasury yields are 1-3 bps higher across the curve following a relatively quiet overnight session. Stocks are poised to rebound at the open following yesterday’s late-session sell-off, with S&P 500 futures currently up 1.2% (index closed down 1.1% yesterday). In fixed income, the market is preparing for the inaugural $20 billion 20-year Treasury note auction at noon today. The Mortgage Bankers Association reported that mortgage application activity fell 2.6% for the week ended May 15, led by a 6.3% decline in refi application activity. This was the fifth consecutive weekly decline in the refi index, but the purchase applications have actually risen for 5 consecutive weeks. The MBA reported average conforming 30-year and 15-year contract rates of 3.41% and 2.88% for the survey period.

Jason Haley
Chief Investment Officer

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 Applications-2.60%0.30%
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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