November 20, 2020 Headlines

Rates are essentially unchanged this morning while Dow and S&P futures are pointing to a lower open this morning. Last night, the US Treasury and Federal Reserve appeared to clash over emergency lending programs with Secretary Mnuchin sending a letter to Fed Chair Powell asking for the return of unused dollars earmarked for emergency lending. The Fed responded with a statement that “the full suite” of tools be maintained into next year. This unusual conflict between the two unsettled markets and has a been a driver of today’s decline in equity futures. Despite this decline, the market reaction has been somewhat muted as a new administration is set to be inaugurated in January.

Hafizan Hamzah
Director, Investment Management Group

Date Event Survey Actual Prior Revised
11/16/20 Empire Manufacturing 13.5 6.3 10.5 —
11/17/20 Retail Sales Advance MoM 0.50% 0.30% 1.90% 1.60%
11/17/20 Retail Sales Ex Auto MoM 0.60% 0.20% 1.50% 1.20%
11/17/20 Retail Sales Ex Auto and Gas 0.60% 0.20% 1.50% 1.20%
11/17/20 Retail Sales Control Group 0.50% 0.10% 1.40% 0.90%
11/17/20 Import Price Index MoM 0.00% -0.10% 0.30% 0.20%
11/17/20 Import Price Index ex Petroleum MoM 0.30% 0.00% 0.70% 0.60%
11/17/20 Import Price Index YoY -0.80% -1.00% -1.10% -1.40%
11/17/20 Export Price Index MoM 0.20% 0.20% 0.60% —
11/17/20 Export Price Index YoY — -1.60% -1.80% —
11/17/20 Industrial Production MoM 1.00% 1.10% -0.60% -0.40%
11/17/20 Capacity Utilization 72.30% 72.80% 71.50% 72.00%
11/17/20 Manufacturing (SIC) Production 1.00% 1.00% -0.30% 0.10%
11/17/20 Business Inventories 0.60% 0.70% 0.30% —
11/17/20 NAHB Housing Market Index 85 90 85 —
11/17/20 Net Long-term TIC Flows — $108.9b $27.8b —
11/17/20 Total Net TIC Flows — -$79.9b $86.3b $85.0b
11/18/20 MBA Mortgage Applications — -0.30% -0.50% —
11/18/20 Housing Starts 1460k 1530k 1415k 1459k
11/18/20 Housing Starts MoM 3.20% 4.90% 1.90% 6.30%
11/18/20 Building Permits 1567k 1545k 1553k 1545k
11/18/20 Building Permits MoM 1.40% 0.00% 5.20% 4.70%
11/19/20 Initial Jobless Claims 700k 742k 709k 711k
11/19/20 Continuing Claims 6400k 6372k 6786k 6801k
11/19/20 Philadelphia Fed Business Outlook 22.5 26.3 32.3 —
11/19/20 Bloomberg Economic Expectations — 43 43 —
11/19/20 Bloomberg Consumer Comfort — 49.8 48 —
11/19/20 Leading Index 0.70% 0.70% 0.70% —
11/19/20 Existing Home Sales 6.47m 6.85m 6.54m 6.57m
11/19/20 Existing Home Sales MoM -1.10% 4.30% 9.40% 9.90%
11/19/20 Kansas City Fed Manf. Activity 11 11 13 —

 

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