November 13, 2019 Headlines

Global risk markets struggled overnight in response to President Trump’s comments on US/China trade yesterday. Treasury yields are 2-6 bps lower across the curve, and S&P 500 futures are currently down 0.3%. Trump threatened higher tariffs if the phase-one deal with China fails. “If we don’t make a deal, we’re going to substantially raise those tariffs, they are going to be raised very substantially,” said the president. His speech didn’t really present any new information on the trade discussions, but that statement was a sobering reminder for risk markets of how quickly these negotiations can shift. Market participants are awaiting this morning’s October CPI report as well as Fed Chair Powell’s appearance before the Joint Economic Committee of Congress.

Jason Haley
Managing Director, Investment Management Group

11/13/2019MBA Mortgage Applications9.60%-0.10%
11/13/2019CPI MoM0.30%0.40%0.00%
11/13/2019CPI Ex Food and Energy MoM0.20%0.20%0.10%
11/13/2019CPI YoY1.70%1.80%1.70%
11/13/2019CPI Ex Food and Energy YoY2.40%2.30%2.40%
11/13/2019CPI Core Index SA265.074265.01264.595
11/13/2019CPI Index NSA257.227257.35256.759
11/13/2019Real Avg Weekly Earnings YoY0.90%0.90%1.00%
11/13/2019Real Avg Hourly Earning YoY1.20%1.20%1.30%
11/13/2019Monthly Budget Statement-$130.0b-$100.5b
11/14/2019PPI Final Demand MoM0.30%-0.30%
11/14/2019PPI Ex Food and Energy MoM0.20%-0.30%
11/14/2019PPI Ex Food, Energy, Trade MoM0.20%0.00%
11/14/2019PPI Final Demand YoY0.90%1.40%
11/14/2019PPI Ex Food and Energy YoY1.50%2.00%
11/14/2019PPI Ex Food, Energy, Trade YoY1.70%
11/14/2019Initial Jobless Claims215k211k
11/14/2019Continuing Claims1685k1689k
11/14/2019Bloomberg Consumer Comfort59.1
11/14/2019Mortgage Delinquencies4.53%
11/14/2019MBA Mortgage Foreclosures0.90%
11/15/2019Empire Manufacturing64
11/15/2019Import Price Index MoM-0.20%0.20%
11/15/2019Import Price Index ex Petroleum MoM0.00%-0.10%
11/15/2019Import Price Index YoY-2.30%-1.60%
11/15/2019Export Price Index MoM-0.10%-0.20%
11/15/2019Export Price Index YoY-1.60%
11/15/2019Retail Sales Advance MoM0.20%-0.30%
11/15/2019Retail Sales Ex Auto MoM0.40%-0.10%
11/15/2019Retail Sales Ex Auto and Gas0.30%0.00%
11/15/2019Retail Sales Control Group0.30%0.00%
11/15/2019Industrial Production MoM-0.40%-0.40%
11/15/2019Manufacturing (SIC) Production-0.60%-0.50%
11/15/2019Capacity Utilization77.00%77.50%
11/15/2019Business Inventories0.10%0.00%





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