November 18, 2020 Headlines

Treasuries and U.S. equity futures are little changed following a relatively quiet overnight session. New Covid-related lockdowns/restrictions continue to be rolled out in Europe and the U.S., but these headlines are being offset this morning by Pfizer’s announcement that it could be applying for FDA authorization of its Covid vaccine within days. The company reported that the final analysis of its vaccine showed 95% effectiveness. Four different Fed leaders will be speaking today at separate events, including Jim Bullard (St. Louis Fed) presenting his economic outlook. Bullard is known to make a headline or two with his comments, for better or worse.

Jason Haley
Chief Investment Officer

11/16/20Empire Manufacturing13.56.310.5
11/17/20Retail Sales Advance MoM0.50%0.30%1.90%1.60%
11/17/20Retail Sales Ex Auto MoM0.60%0.20%1.50%1.20%
11/17/20Retail Sales Ex Auto and Gas0.60%0.20%1.50%1.20%
11/17/20Retail Sales Control Group0.50%0.10%1.40%0.90%
11/17/20Import Price Index MoM0.00%-0.10%0.30%0.20%
11/17/20Import Price Index ex Petroleum MoM0.30%0.00%0.70%0.60%
11/17/20Import Price Index YoY-0.80%-1.00%-1.10%-1.40%
11/17/20Export Price Index MoM0.20%0.20%0.60%
11/17/20Export Price Index YoY-1.60%-1.80%
11/17/20Industrial Production MoM1.00%1.10%-0.60%-0.40%
11/17/20Capacity Utilization72.30%72.80%71.50%72.00%
11/17/20Manufacturing (SIC) Production1.00%1.00%-0.30%0.10%
11/17/20Business Inventories0.60%0.70%0.30%
11/17/20NAHB Housing Market Index859085
11/17/20Net Long-term TIC Flows$108.9b$27.8b
11/17/20Total Net TIC Flows-$79.9b$86.3b$85.0b
11/18/20MBA Mortgage Applications-0.30%-0.50%
11/18/20Housing Starts1460k1530k1415k1459k
11/18/20Housing Starts MoM3.20%4.90%1.90%6.30%
11/18/20Building Permits1567k1545k1553k1545k
11/18/20Building Permits MoM1.40%0.00%5.20%4.70%
11/19/20Initial Jobless Claims700k709k
11/19/20Philadelphia Fed Business Outlook22.532.3
11/19/20Continuing Claims6400k6786k
11/19/20Bloomberg Economic Expectations43
11/19/20Bloomberg Consumer Comfort48
11/19/20Leading Index0.70%0.70%
11/19/20Existing Home Sales6.46m6.54m
11/19/20Existing Home Sales MoM-1.30%9.40%
11/19/20Kansas City Fed Manf. Activity1113


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