May 29, 2020 Headlines

Treasury yields are lower to start the morning as investors eschewed US equities in favor of US government debt. A record drop in consumer spending, roughly two-thirds of the US economy, was the catalyst for the flight to quality trade. Personal spending fell by 13.6% in the month of April, making it the steepest decline since records started being kept in 1959. This decline in spending coincided with a record increase in personal income of 10.5%, spurred by payments from the CARES act. Later today the market will be closely watching President Trump’s press conference regarding relations with China in addition to a Q&A session with Fed Chair Powell.

Hafizan Hamzah
Director, Investment Management Group

5/26/2020Chicago Fed Nat Activity Index-3.5-16.74-4.19-4.97
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 Index222.21219.75219.86
5/26/2020S&P CoreLogic CS US HPI YoY NSA4.35%4.16%
5/26/2020S&P CoreLogic CS US HPI NSA Index214.96213.16
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-40-27-53
5/27/2020U.S. Federal Reserve Releases Beige Book
5/28/2020Durable Goods Orders-19.00%-17.20%-14.70%-16.60%
5/28/2020Durables Ex Transportation-15.00%-7.40%-0.40%-1.70%
5/28/2020Cap Goods Orders Nondef Ex Air-10.00%-5.80%-0.10%-1.10%
5/28/2020Cap Goods Ship Nondef Ex Air-12.20%-5.40%-0.20%-1.20%
5/28/2020GDP Annualized QoQ-4.80%-5.00%-4.80%
5/28/2020Personal Consumption-7.50%-6.80%-7.60%
5/28/2020GDP Price Index1.30%1.40%1.30%
5/28/2020Core PCE QoQ1.80%1.60%1.80%
5/28/2020Initial Jobless Claims2100k2123k2438k2446k
5/28/2020Continuing Claims25680k21052k25073k24912k
5/28/2020Bloomberg Consumer Comfort35.534.7
5/28/2020Pending Home Sales MoM-17.30%-21.80%-20.80%
5/28/2020Pending Home Sales NSA YoY-28.70%-34.60%-14.50%
5/28/2020Kansas City Fed Manf. Activity-21-19-30
5/29/2020Advance Goods Trade Balance-$65.0b-$69.7b-$64.2b-$65.0b
5/29/2020Wholesale Inventories MoM-0.70%0.40%-0.80%-1.00%
5/29/2020Retail Inventories MoM-0.80%-3.60%0.90%1.20%
5/29/2020Personal Income-5.90%10.50%-2.00%-2.20%
5/29/2020Personal Spending-12.80%-13.60%-7.50%-6.90%
5/29/2020Real Personal Spending-12.90%-13.20%-7.30%-6.70%
5/29/2020PCE Deflator MoM-0.60%-0.50%-0.30%-0.20%
5/29/2020PCE Deflator YoY0.50%0.50%1.30%
5/29/2020PCE Core Deflator MoM-0.30%-0.40%-0.10%0.00%
5/29/2020PCE Core Deflator YoY1.10%1.00%1.70%
5/29/2020MNI Chicago PMI4035.4
5/29/2020U. of Mich. Sentiment7473.7
5/29/2020U. of Mich. Current Conditions8483
5/29/2020U. of Mich. Expectations68.467.7
5/29/2020U. of Mich. 1 Yr Inflation3.00%
5/29/2020U. of Mich. 5-10 Yr Inflation2.60%


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