The Treasury curve bear-steepened overnight, with the front end supported by dovish comments made by Yellen; while the back end sold off due to pressure from the 30-year Bund auction. A risk on trade furthered the rise in yields with equities and oil both up in the overnight session. Initial jobless claims fell by 13,000 from the prior week, coming in slightly below expectations. Continuing claims actually increased by 36,000 from the prior week, but continue to remain around the lowest level since the early 1970s; all in all the labor data points to a robust jobs market. Happy Thanksgiving!
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 | 5.48m | 5.39m | 5.37m |
| 11/21 | Existing Home Sales MoM | 0.20% | 2.00% | 0.70% | 0.40% |
| 11/22 | MBA Mortgage Applications | — | 0.10% | 3.10% | — |
| 11/22 | Initial Jobless Claims | 240k | 239k | 249k | 252k |
| 11/22 | Continuing Claims | 1880k | 1904k | 1860k | 1868k |
| 11/22 | Durable Goods Orders | 0.30% | -1.20% | 2.00% | 2.20% |
| 11/22 | Durables Ex Transportation | 0.50% | 0.40% | 0.70% | 1.10% |
| 11/22 | Cap Goods Orders Nondef Ex Air | 0.50% | -0.50% | 1.70% | 2.10% |
| 11/22 | Cap Goods Ship Nondef Ex Air | 0.30% | 0.40% | 0.90% | 1.20% |
| 11/22 | Bloomberg Consumer Comfort | — | 51.7 | 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 | — |