Treasury prices slightly higher this morning following dovish comments from central bank leaders in both Europe and Japan.  Additionally, the slope of the Treasury curve (2yr/10yr yield spread) is now down to 70 bps, the flattest in a decade.  Asian equity markets were mixed overnight, and Europe equities are down modestly. S&P 500 futures are currently unchanged.  Yet another important Fed leadership position will be open in 2018. New York Fed President Bill Dudley announced this morning that he will retire next year.  The nomination for a new regional Fed president comes from that bank’s board of directors and approved by the Board of Governors.  The NY Fed oversees all open market activities, so it is perhaps the most influential of the regional banks. This week’s economic calendar is relatively light from a data perspective, but there are a few Fed leaders scheduled to speak, including Bill Dudley later this morning.

Jason Haley
Managing Director, Investment Management Group

11/07JOLTS Job Openings60506082
11/07Consumer Credit$17.500b$13.065b
11/08MBA Mortgage Applications-2.60%
11/09Bloomberg Nov. United States Economic Survey
11/09Initial Jobless Claims231k229k
11/09Continuing Claims1885k1884k
11/09Bloomberg Consumer Comfort51.7
11/09Wholesale Trade Sales MoM0.90%1.70%
11/09Wholesale Inventories MoM0.30%0.30%
11/10U. of Mich. Sentiment100.7100.7
11/10U. of Mich. Current Conditions116.3116.5
11/10U. of Mich. Expectations9190.5
11/10U. of Mich. 1 Yr Inflation2.40%
11/10U. of Mich. 5-10 Yr Inflation2.50%