November 7, 2023 Headlines

A modest risk-off tone in global markets has long-end Treasury yields down 2-3 basis points to start the day. Overnight, China reported softer exports, and Germany posted weaker industrial production. Australia’s central bank announced what is being portrayed as a ‘dovish hike,’ which is also contributing to today’s tone. Today’s domestic calendar is headlined by appearances from seven different Fed leaders. Neel Kashkari (Minneapolis Fed) has already appeared on Bloomberg TV this morning and struck a more cautious tone regarding the war on inflation. He expressed uncertainty as to whether the Fed has tightened policy enough to cool the economy and get inflation firmly on a path to 2% “over a reasonable period of time.”

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
11/7/23Trade Balance-$59.8b-$61.5b-$58.3b-$58.7b
11/7/23Consumer Credit$9.500b—-$15.628b—
11/8/23MBA Mortgage Applications——-2.10%—
11/8/23Wholesale Trade Sales MoM0.90%—1.80%—
11/8/23Wholesale Inventories MoM0.00%—0.00%—
11/9/23Initial Jobless Claims219k—217k—
11/9/23Continuing Claims1825k—1818k—
11/10/23U. of Mich. Sentiment63.5—63.8—
11/10/23U. of Mich. Current Conditions70—70.6—
11/10/23U. of Mich. Expectations61—59.3—
11/10/23U. of Mich. 1 Yr Inflation3.90%—4.20%—
11/10/23U. of Mich. 5-10 Yr Inflation2.90%—3.00%—

 

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