November 22, 2019 Headlines

Treasury prices are drifting higher this morning following a relatively quiet news cycle overnight (no major trade headlines). Global equity indices are mostly higher on the day, and S&P 500 futures are up 0.2% ahead of the open. The preliminary Markit PMI data for November will be released later this morning, with both manufacturing and services readings both expected to come in just above 50 (below 50 indicates contraction in activity). The calendar for next week will be relatively light given the Thanksgiving holiday, but we will hear from Fed Chair Powell on Monday at an event in Rhode Island.

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 Applications-2.20%9.60%
11/20/2019FOMC Meeting Minutes
11/21/2019Philadelphia Fed Business Outlook610.45.6
11/21/2019Initial Jobless Claims218k227k225k227k
11/21/2019Continuing Claims1683k1695k1683k1692k
11/21/2019Bloomberg Consumer Comfort59.158
11/21/2019Bloomberg Economic Expectations51.549
11/21/2019Leading Index-0.10%-0.10%-0.10%-0.20%
11/21/2019Existing Home Sales5.49m5.46m5.38m5.36m
11/21/2019Existing Home Sales MoM2.00%1.90%-2.20%-2.50%
11/22/2019Markit US Manufacturing PMI51.451.3
11/22/2019Markit US Services PMI5150.6
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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