May 22, 2019 Headlines

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

5/20/2019Chicago Fed Nat Activity Index-0.2-0.45-0.150.05
5/21/2019Existing Home Sales5.35m5.19m5.21m
5/21/2019Existing Home Sales MoM2.70%-0.40%-4.90%
5/22/2019MBA Mortgage Applications2.40%-0.60%
5/22/2019FOMC Meeting Minutes
5/23/2019Initial Jobless Claims215k212k
5/23/2019Continuing Claims1666k1660k
5/23/2019Bloomberg Consumer Comfort59.9
5/23/2019Bloomberg Economic Expectations50
5/23/2019Markit US Manufacturing PMI52.752.6
5/23/2019Markit US Services PMI53.553
5/23/2019Markit US Composite PMI53
5/23/2019New Home Sales675k692k
5/23/2019New Home Sales MoM-2.50%4.50%
5/23/2019Kansas City Fed Manf. Activity65
5/24/2019Durable Goods Orders-2.00%2.60%
5/24/2019Durables Ex Transportation0.10%0.30%
5/24/2019Cap Goods Orders Nondef Ex Air-0.30%1.40%
5/24/2019Cap Goods Ship Nondef Ex Air-0.10%0.00%






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