Treasury prices were higher overnight amid weakness in Asian equities. The latter was mostly attributable to news reports that dampened the optimism from last week that U.S. and Chinese officials would be able to reach a trade deal at the G20 summit later this month.  European equities are modestly higher on the day, and U.S. futures are slightly lower. Beyond tomorrow’s midterm election results, Thursday’s FOMC meeting is the biggest event on the calendar this week. There should be no surprises on Thursday (FOMC is not expected to raise rates at this meeting), but market participants will be looking for any subtle changes to the Fed’s outlook in the official statement.

Jason Haley
Managing Director, Investment Management Group


11/05Markit US Services PMI54.654.7
11/05Markit US Composite PMI54.8
11/05ISM Non-Manufacturing Index5961.6
11/05Mortgage Delinquencies4.36%
11/05MBA Mortgage Foreclosures1.05%
11/06JOLTS Job Openings70857136
11/07MBA Mortgage Applications-2.50%
11/07Consumer Credit$15.000b$20.078b
11/08Initial Jobless Claims213k214k
11/08Continuing Claims1635k1631k
11/08Bloomberg Consumer Comfort60.3
11/08FOMC Rate Decision (Upper Bound)2.25%2.25%
11/08FOMC Rate Decision (Lower Bound)2.00%2.00%
11/08Interest Rate on Excess Reserves2.20%2.20%
11/09PPI Final Demand MoM0.20%0.20%
11/09PPI Ex Food and Energy MoM0.20%0.20%
11/09PPI Ex Food, Energy, Trade MoM0.20%0.40%
11/09PPI Final Demand YoY2.50%2.60%
11/09PPI Ex Food and Energy YoY2.30%2.50%
11/09PPI Ex Food, Energy, Trade YoY2.90%
11/09Wholesale Inventories MoM0.30%0.30%
11/09Wholesale Trade Sales MoM0.40%0.80%
11/09U. of Mich. Sentiment9898.6
11/09U. of Mich. Expectations89.3
11/09U. of Mich. Current Conditions113.1
11/09U. of Mich. 1 Yr Inflation2.90%
11/09U. of Mich. 5-10 Yr Inflation2.40%