Treasury yields softened overnight as equities were mixed with China +.4% and Euro Stoxx -.74%. S&P 500 futures are currently trading -11.75 points (-.43%) as the U.S. Commerce Secretary Ross damped hopes of a future trade deal with China. In terms of economic releases, Industrial Production came in at .1% MoM which was below expectations. Next week’s economic calendar will be headlined by Housing Starts, Durable Goods, and PMI readings.

Chris Eckhoff
Associate, Investment Management Group


11/13NFIB Small Business Optimism108107.4107.9
11/13Monthly Budget Statement-$100.0b-$100.5b-$63.2b
11/14MBA Mortgage Applications-3.20%-0.70%
11/14CPI MoM0.30%0.30%0.10%
11/14CPI Ex Food and Energy MoM0.20%0.20%0.10%
11/14CPI YoY2.50%2.50%2.30%
11/14CPI Ex Food and Energy YoY2.20%2.10%2.20%
11/14CPI Index NSA252.828252.885252.439
11/14CPI Core Index SA258.947258.939258.441
11/14Real Avg Weekly Earnings YoY0.90%1.10%
11/14Real Avg Hourly Earning YoY0.70%0.50%
11/15Empire Manufacturing2023.321.1
11/15Philadelphia Fed Business Outlook2012.922.2
11/15Retail Sales Advance MoM0.50%0.80%0.10%
11/15Retail Sales Ex Auto MoM0.50%0.70%-0.10%
11/15Retail Sales Ex Auto and Gas0.40%0.30%0.00%
11/15Retail Sales Control Group0.40%0.30%0.50%
11/15Import Price Index MoM0.10%0.50%0.50%
11/15Import Price Index ex Petroleum MoM0.00%0.20%0.00%
11/15Import Price Index YoY3.30%3.50%3.50%
11/15Export Price Index MoM0.10%0.40%0.00%
11/15Export Price Index YoY3.10%2.70%
11/15Initial Jobless Claims213k216k214k
11/15Continuing Claims1625k1676k1623k
11/15Bloomberg Consumer Comfort60.561.3
11/15Business Inventories0.30%0.30%0.50%
11/16Industrial Production MoM0.20%0.10%0.30%
11/16Capacity Utilization78.20%78.40%78.10%
11/16Manufacturing (SIC) Production0.20%0.30%0.20%
11/16Kansas City Fed Manf. Activity118
11/16Total Net TIC Flows$108.2b
11/16Net Long-term TIC Flows$62.7b$131.8b