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

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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