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
Date | Event | Survey | Actual | Prior | Revised |
5/18/2020 | NAHB Housing Market Index | 35 | 37 | 30 | — |
5/19/2020 | Revisions: Housing Starts & Building Permits | ||||
5/19/2020 | Housing Starts | 900k | 891k | 1216k | 1276k |
5/19/2020 | Housing Starts MoM | -26.00% | -30.20% | -22.30% | -18.60% |
5/19/2020 | Building Permits | 1000k | 1074k | 1353k | 1356k |
5/19/2020 | Building Permits MoM | -25.90% | -20.80% | -6.80% | -5.70% |
5/20/2020 | MBA Mortgage Applications | — | -2.60% | 0.30% | — |
5/20/2020 | FOMC Meeting Minutes | — | — | — | — |
5/21/2020 | Philadelphia Fed Business Outlook | -40 | -43.1 | -56.6 | — |
5/21/2020 | Initial Jobless Claims | 2400k | 2438k | 2981k | 2687k |
5/21/2020 | Continuing Claims | 24250k | 25073k | 22833k | 22548k |
5/21/2020 | Bloomberg Economic Expectations | — | 29 | 29 | — |
5/21/2020 | Bloomberg Consumer Comfort | — | 34.7 | 35.8 | — |
5/21/2020 | Markit US Manufacturing PMI | 40 | 39.8 | 36.1 | — |
5/21/2020 | Markit US Services PMI | 32.5 | 36.9 | 26.7 | — |
5/21/2020 | Markit US Composite PMI | — | 36.4 | 27 | — |
5/21/2020 | Leading Index | -5.40% | -4.40% | -6.70% | -7.40% |
5/21/2020 | Existing Home Sales | 4.22m | 4.33m | 5.27m | — |
5/21/2020 | Existing Home Sales MoM | -19.90% | -17.80% | -8.50% | — |
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