There was a risk-off sentiment overnight following new developments in the US-China trade war and dovish comments from St. Louis Federal Reserve President Bullard. After effectively banning Chinese telecom giant Huawei from selling equipment in the US last week, a new blacklist is being considered to block components and software to as many as five Chinese video surveillance companies. With regards to Bullard’s comments, a voting committee member this year suggested “if anything, US rates are a bit restrictive” and a “rate cut could help maintain inflation goal credibility”. Bullard has consistently been among the more dovish members arguing against raising rates without clear inflationary pressures. His opinions precede the release of the FOMC minutes later today where investors search for more clarity regarding Fed President Powell’s comments on transient factors that are suppressing inflation.
Chris Eckhoff
Associate, Investment Management Group
Date | Event | Survey | Actual | Prior | Revised |
5/20/2019 | Chicago Fed Nat Activity Index | -0.2 | -0.45 | -0.15 | 0.05 |
5/21/2019 | Existing Home Sales | 5.35m | 5.19m | 5.21m | — |
5/21/2019 | Existing Home Sales MoM | 2.70% | -0.40% | -4.90% | — |
5/22/2019 | MBA Mortgage Applications | — | 2.40% | -0.60% | — |
5/22/2019 | FOMC Meeting Minutes | — | — | — | — |
5/23/2019 | Initial Jobless Claims | 215k | — | 212k | — |
5/23/2019 | Continuing Claims | 1666k | — | 1660k | — |
5/23/2019 | Bloomberg Consumer Comfort | — | — | 59.9 | — |
5/23/2019 | Bloomberg Economic Expectations | — | — | 50 | — |
5/23/2019 | Markit US Manufacturing PMI | 52.7 | — | 52.6 | — |
5/23/2019 | Markit US Services PMI | 53.5 | — | 53 | — |
5/23/2019 | Markit US Composite PMI | — | — | 53 | — |
5/23/2019 | New Home Sales | 675k | — | 692k | — |
5/23/2019 | New Home Sales MoM | -2.50% | — | 4.50% | — |
5/23/2019 | Kansas City Fed Manf. Activity | 6 | — | 5 | — |
5/24/2019 | Durable Goods Orders | -2.00% | — | 2.60% | — |
5/24/2019 | Durables Ex Transportation | 0.10% | — | 0.30% | — |
5/24/2019 | Cap Goods Orders Nondef Ex Air | -0.30% | — | 1.40% | — |
5/24/2019 | Cap Goods Ship Nondef Ex Air | -0.10% | — | 0.00% | — |
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