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

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content. Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.