The curve continues to flatten as the long end fell after German Chancellor Merkel pushed smaller parties to re-enter coalition talks. Risk assets traded in sympathy with the long end of the curve, with equity markets up overnight as well. Rumors surrounding the recent flattening have included increased corporate investment in pensions ahead of tax reform being passed, potential increases in front end issuance, and just increased expectations for rate hike in 2018. It is also interesting to note that the yield curve traditionally flattens during Fed tightening cycles.
Hafizan Hamzah
Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 11/20 | Leading Index | 0.80% | 1.20% | -0.20% | 0.10% |
| 11/21 | Chicago Fed Nat Activity Index | 0.2 | 0.65 | 0.17 | 0.36 |
| 11/21 | Existing Home Sales | 5.40m | — | 5.39m | — |
| 11/21 | Existing Home Sales MoM | 0.20% | — | 0.70% | — |
| 11/22 | MBA Mortgage Applications | — | — | 3.10% | — |
| 11/22 | Initial Jobless Claims | 240k | — | 249k | — |
| 11/22 | Continuing Claims | 1880k | — | 1860k | — |
| 11/22 | Durable Goods Orders | 0.30% | — | 2.00% | — |
| 11/22 | Durables Ex Transportation | 0.50% | — | 0.70% | — |
| 11/22 | Cap Goods Orders Nondef Ex Air | 0.60% | — | 1.70% | — |
| 11/22 | Cap Goods Ship Nondef Ex Air | 0.30% | — | 0.90% | — |
| 11/22 | Bloomberg Consumer Comfort | — | — | 52.1 | — |
| 11/22 | U. of Mich. Sentiment | 98 | — | 97.8 | — |
| 11/22 | U. of Mich. Current Conditions | — | — | 113.6 | — |
| 11/22 | U. of Mich. Expectations | — | — | 87.6 | — |
| 11/22 | U. of Mich. 1 Yr Inflation | — | — | 2.60% | — |
| 11/22 | U. of Mich. 5-10 Yr Inflation | — | — | 2.50% | — |
| 11/22 | FOMC Meeting Minutes | — | — | — | — |
| 11/24 | Markit US Manufacturing PMI | 55 | — | 54.6 | — |
| 11/24 | Markit US Services PMI | 55.3 | — | 55.3 | — |
| 11/24 | Markit US Composite PMI | — | — | 55.2 | — |
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