The US Treasury curve bull flattened over the Thanksgiving holiday as 10-year yields are down 2.5bps. Equities are set for a weaker open (S&P 500 -.75%) following the decline in European and Asian stocks. In addition, crude oil sharply declined 5% after China secured a sanction exemption to import oil from Iran. The economic calendar is light with only Markit PMI’s scheduled for release. Trading volumes are expected to be low following the holiday and there is an early close today at 2pm EST in the bond market.

Chris Eckhoff
Associate, Investment Management Group


11/19NAHB Housing Market Index676068
11/20Housing Starts1228k1228k1201k
11/20Housing Starts MoM2.20%1.50%-5.30%
11/20Building Permits1260k1263k1241k
11/20Building Permits MoM-0.80%-0.60%-0.60%
11/21MBA Mortgage Applications-0.10%-3.20%
11/21Durable Goods Orders-2.60%-4.40%0.70%
11/21Durables Ex Transportation0.40%0.10%0.00%
11/21Cap Goods Orders Nondef Ex Air0.20%0.00%-0.10%
11/21Cap Goods Ship Nondef Ex Air0.30%0.30%-0.10%
11/21Initial Jobless Claims215k224k216k
11/21Continuing Claims1653k1668k1676k
11/21Bloomberg Consumer Comfort61.360.5
11/21Bloomberg Economic Expectations5658.5
11/21Leading Index0.10%0.10%0.50%
11/21Existing Home Sales5.20m5.22m5.15m
11/21Existing Home Sales MoM1.00%1.40%-3.40%
11/21U. of Mich. Sentiment98.397.598.3
11/21U. of Mich. Current Conditions112.3113.2
11/21U. of Mich. Expectations88.188.7
11/21U. of Mich. 1 Yr Inflation2.80%2.80%
11/21U. of Mich. 5-10 Yr Inflation2.60%2.60%
11/23Markit US Manufacturing PMI55.755.455.7
11/23Markit US Services PMI5554.454.8
11/23Markit US Composite PMI54.454.9