November 17, 2023 Headlines

Treasury yields are slightly lower and flatter to begin the day following softer retail sales out of the U.K. overnight. On the domestic calendar, housing starts unexpectedly grew in October, rising 1.9% to a 1.372-million-unit pace. The increase was due mostly to a 6.3% rise in multifamily starts, with single-family starts up just 0.2% over the month. This week’s barrage of Fed speakers continues today with four leaders appearing at separate events. The general message from other leaders this week has been largely consistent – optimism that inflation is trending in the right direction but not yet willing to raise a victory flag and take future hikes off the table. The minutes of the November 1 FOMC meeting will be released next Wednesday.

Jason Haley
Chief Investment Officer

Date	Event	Survey	Actual	Prior	Revised
11/17/2023	Housing Starts	1350k	1372k	1358k	1346k
11/17/2023	Building Permits	1450k	1487k	1473k	1471k
11/17/2023	Housing Starts MoM	-0.60%	1.90%	7.00%	3.10%
11/17/2023	Building Permits MoM	-1.40%	1.10%	-4.40%	-4.50%
11/17/2023	Kansas City Fed Services Activity	—	—	-1	—
11/20/2023	Leading Index	-0.60%	—	-0.70%	—
11/21/2023	Chicago Fed Nat Activity Index	—	—	0.02	—
11/21/2023	Philadelphia Fed Non-Manufacturing Activity	—	—	-20.3	—
11/21/2023	Existing Home Sales	3.90m	—	3.96m	—
11/21/2023	Existing Home Sales MoM	-1.50%	—	-2.00%	—
11/21/2023	FOMC Meeting Minutes	—	—	—	—
11/22/2023	MBA Mortgage Applications	—	—	2.80%	—
11/22/2023	Initial Jobless Claims	225k	—	231k	—
11/22/2023	Continuing Claims	—	—	1865k	—
11/22/2023	Durable Goods Orders	-3.10%	—	4.60%	—
11/22/2023	Durables Ex Transportation	0.20%	—	0.40%	—
11/22/2023	Cap Goods Orders Nondef Ex Air	0.20%	—	0.50%	—
11/22/2023	Cap Goods Ship Nondef Ex Air	—	—	-0.10%	—
11/22/2023	U. of Mich. Sentiment	61	—	60.4	—
11/22/2023	U. of Mich. Current Conditions	—	—	65.7	—
11/22/2023	U. of Mich. Expectations	—	—	56.9	—
11/22/2023	U. of Mich. 1 Yr Inflation	—	—	4.40%	—
11/22/2023	U. of Mich. 5-10 Yr Inflation	—	—	3.20%	—
11/24/2023	S&P Global US Manufacturing PMI	49.6	—	50	—
11/24/2023	S&P Global US Services PMI	50.4	—	50.6	—
11/24/2023	S&P Global US Composite PMI	—	—	50.7	—

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