May 22, 2020 Headlines

Renewed tensions between China and Hong Kong are fueled a rally in Treasuries overnight, and yields remain 2-3 bps lower this morning. China announced it will bypass Hong Kong’s legislature to establish “an enforcement mechanism for ensuring national security” for the city that “curb secession, sedition, foreign interference and terrorism.” The move sparked fresh protests from democracy advocates in Hong Kong, as well as President Trump who pledged that he would respond “very strongly.”  The bond market will close early today at 2pm ET in observance of Memorial Day. As such, trading volumes (liquidity) should lighten as the morning progresses.

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-40-43.1-56.6
5/21/2020Initial Jobless Claims2400k2438k2981k2687k
5/21/2020Continuing Claims24250k25073k22833k22548k
5/21/2020Bloomberg Economic Expectations2929
5/21/2020Bloomberg Consumer Comfort34.735.8
5/21/2020Markit US Manufacturing PMI4039.836.1
5/21/2020Markit US Services PMI32.536.926.7
5/21/2020Markit US Composite PMI36.427
5/21/2020Leading Index-5.40%-4.40%-6.70%-7.40%
5/21/2020Existing Home Sales4.22m4.33m5.27m
5/21/2020Existing Home Sales MoM-19.90%-17.80%-8.50%


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