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

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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