May 27, 2020 Headlines

The positive momentum in risk markets has carried forward today, with S&P 500 futures up more than 1% and Treasury yields leaking wider across the curve. The European Commission unveiled plans for a recovery fund that was first reported last week, and the size is larger than what was initially expected. The €750 billion fund would be made up of €500 billion of grants and €250 billion of loans for European Union member states struggling with COVID-19 economic fallout, and it would be funded by joint debt issuance. The next major step is approval by all 27 member states, but the plan reportedly has the support of both Germany and France, which would be a major hurdle. The MBA Mortgage Applications Index rose 2.7% for the week ended May 22, with an 8.6% increase in purchase applications offsetting a 0.2% decline in refi applications. Refi application activity has cooled off from March/April levels, with the refi index posting the sixth consecutive weekly decline, but activity still remains well above historical averages.

Jason Haley
Chief Investment Officer

5/26/2020Chicago Fed Nat Activity Index-3.5-16.7-4.19-4.97
5/26/2020House Price Purchase Index QoQ1.70%1.30%1.40%
5/26/2020FHFA House Price Index MoM0.50%0.10%0.70%0.80%
5/26/2020S&P CoreLogic CS 20-City MoM SA0.30%0.47%0.45%0.52%
5/26/2020S&P CoreLogic CS 20-City YoY NSA3.44%3.92%3.47%3.52%
5/26/2020S&P CoreLogic CS 20-City NSA Index222.2219.75219.86
5/26/2020S&P CoreLogic CS US HPI YoY NSA4.35%4.16%
5/26/2020S&P CoreLogic CS US HPI NSA Index215213.16
5/26/2020Revisions: New Home Sales
5/26/2020New Home Sales480k623k627k619k
5/26/2020New Home Sales MoM-23.40%0.60%-15.40%-13.70%
5/26/2020Conf. Board Consumer Confidence8786.686.985.7
5/26/2020Conf. Board Expectations96.993.894.3
5/26/2020Conf. Board Present Situation71.176.473
5/26/2020Dallas Fed Manf. Activity-61-49.2-73.7
5/27/2020MBA Mortgage Applications2.70%-2.60%
5/27/2020Richmond Fed Manufact. Index-40-53
5/27/2020U.S. Federal Reserve Releases Beige Book
5/28/2020GDP Annualized QoQ-4.80%-4.80%
5/28/2020Personal Consumption-7.50%-7.60%
5/28/2020GDP Price Index1.30%1.30%
5/28/2020Core PCE QoQ1.80%1.80%
5/28/2020Durable Goods Orders-19.10%-14.70%
5/28/2020Durables Ex Transportation-15.00%-0.40%
5/28/2020Cap Goods Orders Nondef Ex Air-10.00%-0.10%
5/28/2020Cap Goods Ship Nondef Ex Air-12.00%-0.20%
5/28/2020Initial Jobless Claims2100k2438k
5/28/2020Continuing Claims25500k25073k
5/28/2020Bloomberg Consumer Comfort34.7
5/28/2020Pending Home Sales MoM-15.00%-20.80%
5/28/2020Pending Home Sales NSA YoY-14.50%
5/28/2020Kansas City Fed Manf. Activity-22-30
5/29/2020Advance Goods Trade Balance-$65.0b-$64.2b-$64.4b
5/29/2020Wholesale Inventories MoM-0.60%-0.80%
5/29/2020Retail Inventories MoM-0.80%0.90%
5/29/2020Personal Income-6.30%-2.00%
5/29/2020Personal Spending-12.80%-7.50%
5/29/2020Real Personal Spending-12.50%-7.30%
5/29/2020PCE Deflator MoM-0.60%-0.30%
5/29/2020PCE Deflator YoY0.50%1.30%
5/29/2020PCE Core Deflator MoM-0.30%-0.10%
5/29/2020PCE Core Deflator YoY1.10%1.70%
5/29/2020MNI Chicago PMI4035.4
5/29/2020U. of Mich. Sentiment7473.7
5/29/2020U. of Mich. Current Conditions83
5/29/2020U. of Mich. Expectations67.7
5/29/2020U. of Mich. 1 Yr Inflation3.00%
5/29/2020U. of Mich. 5-10 Yr Inflation2.60%


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