November 19, 2019 Headlines

The action in Treasuries overnight was mixed, with prices fluctuating between positive and negative territory on relatively light volumes. Prices are drifting higher this morning, and S&P 500 futures are up 0.2% ahead of the open. The protests in Hong Kong remain a top story, with hundreds of protesters hospitalized according to media reports. According to Bloomberg, there has been a push by Senate Republicans to officially support the Hong Kong protestors, but President Trump has yet to publicly comment on those efforts. Signing such a bill would risk angering China while both sides try to come to terms on a phase-one trade deal, but it has bipartisan support at this point. When asked about the bill sponsored by Senator Mark Rubio (R-FL), the White House declined to comment. In other news, New York Fed President John Williams is speaking this morning at the annual SIFMA conference in Washington.

Jason Haley
Managing Director, Investment Management Group

11/18/2019NAHB Housing Market Index717071
11/18/2019Net Long-term TIC Flows$49.5b-$41.1b-$41.2b
11/18/2019Total Net TIC Flows-$37.6b$70.5b$41.9b
11/19/2019Housing Starts1320k1314k1256k1266k
11/19/2019Building Permits1385k1461k1387k1391k
11/19/2019Housing Starts MoM5.10%3.80%-9.40%-7.90%
11/19/2019Building Permits MoM-0.40%5.00%-2.70%-2.40%
11/20/2019MBA Mortgage Applications9.60%
11/20/2019FOMC Meeting Minutes
11/21/2019Philadelphia Fed Business Outlook65.6
11/21/2019Initial Jobless Claims218k225k
11/21/2019Continuing Claims1683k1683k
11/21/2019Bloomberg Consumer Comfort58
11/21/2019Bloomberg Economic Expectations49
11/21/2019Leading Index-0.20%-0.10%
11/21/2019Existing Home Sales5.49m5.38m
11/21/2019Existing Home Sales MoM2.00%-2.20%
11/22/2019Markit US Services PMI5150.651
11/22/2019Markit US Manufacturing PMI51.451.3
11/22/2019Markit US Composite PMI50.9
11/22/2019U. of Mich. Sentiment95.795.7
11/22/2019U. of Mich. Current Conditions111.2110.9
11/22/2019U. of Mich. Expectations85.9
11/22/2019U. of Mich. 1 Yr Inflation2.50%
11/22/2019U. of Mich. 5-10 Yr Inflation2.40%
11/22/2019Kansas City Fed Manf. Activity-2-3





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