Treasury prices rose modestly overnight on rumors that the Senate is considering a 1-year delay for any corporate tax cuts, but otherwise, it’s pretty quiet in the markets this morning. Global equity markets are mixed but little changed in either direction. S&P 500 futures are currently down 3 points. Recently confirmed Fed Governor Randal Quarles spoke publicly yesterday for the first time since joining the central bank. Quarles is the Vice Chair for Supervision, a position that is largely responsible for bank oversight, and he said “everything is on the table” with regards to bank regulatory review. He specifically mentioned annual bank stress tests as something that is “on the front burner.”  We will be hosting a bi-weekly market update webinar at 11:30 a.m. ET today. The calls typically run 20-30 minutes, and for more information, please visit Education and Events on our website.

Jason Haley
Managing Director, Investment Management Group

DateEventSurv(M)ActualPrior
11/07JOLTS Job Openings607560936082
11/07Consumer Credit$17.500b$20.830b$13.065b
11/08MBA Mortgage Applications0.00%-2.60%
11/09Bloomberg Nov. United States Economic Survey
11/09Initial Jobless Claims232k229k
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. Sentiment100.9100.7
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%