Treasury prices are slightly lower following a relatively quiet overnight session, and the modest weakness in rates is mostly attributable to supply pressures from Europe and UST auctions. Global equity markets are mixed (Asia generally higher, Europe lower), and S&P 500 futures are unchanged.  The debate on the House tax bill continues. Bloomberg has an article discussing a massive lobbying effort by large U.S. multinational companies (tech, pharma, auto, and reinsurers) against the bill’s 20% intra-company transfer tax, referred to by a consultant in the article as the legislation’s “atomic bomb.”

Jason Haley
Managing Director, Investment Management Group

11/07JOLTS Job Openings607560936082
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. Sentiment100.8100.7
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%