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

Date Event Survey Actual Prior Revised
11/7/23 Trade Balance -$59.8b -$61.5b -$58.3b -$58.7b
11/7/23 Consumer Credit $9.500b -$15.628b
11/8/23 MBA Mortgage Applications -2.10%
11/8/23 Wholesale Trade Sales MoM 0.90% 1.80%
11/8/23 Wholesale Inventories MoM 0.00% 0.00%
11/9/23 Initial Jobless Claims 219k 217k
11/9/23 Continuing Claims 1825k 1818k
11/10/23 U. of Mich. Sentiment 63.5 63.8
11/10/23 U. of Mich. Current Conditions 70 70.6
11/10/23 U. of Mich. Expectations 61 59.3
11/10/23 U. of Mich. 1 Yr Inflation 3.90% 4.20%
11/10/23 U. of Mich. 5-10 Yr Inflation 2.90% 3.00%


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