The Treasury curve is flattening modestly (long-end yields lower) this morning ahead of the September FOMC minutes release this afternoon.  European markets are still focused on the Spain/Catalonia standoff, and Spain’s IBEX equity index is up 1.2% on reports that tensions have eased somewhat.  The tax reform efforts remains an uphill battle for the White House and GOP leaders. The public jabs between President Trump and Senator Corker have made many headlines, but Corker is just one of several GOP Senators that have expressed concerns with the legislative proposal for various reasons.

Jason Haley
Managing Director, Investment Management Group

10/11/2017MBA Mortgage Applications-2.10%-0.40%
10/11/2017JOLTS Job Openings612560826170
10/11/2017FOMC Meeting Minutes
10/12/2017PPI Final Demand MoM0.40%0.20%
10/12/2017PPI Ex Food and Energy MoM0.20%0.10%
10/12/2017PPI Ex Food, Energy, Trade MoM0.20%0.20%
10/12/2017PPI Final Demand YoY2.60%2.40%
10/12/2017PPI Ex Food and Energy YoY2.00%2.00%
10/12/2017PPI Ex Food, Energy, Trade YoY1.90%
10/12/2017Initial Jobless Claims250k260k
10/12/2017Continuing Claims1930k1938k
10/12/2017Bloomberg Consumer Comfort49.9
10/12/2017Monthly Budget Statement$6.0b$33.4b
10/13/2017CPI MoM0.60%0.40%
10/13/2017CPI Ex Food and Energy MoM0.20%0.20%
10/13/2017CPI YoY2.30%1.90%
10/13/2017CPI Ex Food and Energy YoY1.80%1.70%
10/13/2017CPI Core Index SA253.017252.54
10/13/2017CPI Index NSA246.933245.519
10/13/2017Real Avg Weekly Earnings YoY0.90%
10/13/2017Retail Sales Advance MoM1.70%-0.20%
10/13/2017Real Avg Hourly Earning YoY0.60%
10/13/2017Retail Sales Ex Auto MoM0.90%0.20%
10/13/2017Retail Sales Ex Auto and Gas0.40%-0.10%
10/13/2017Retail Sales Control Group0.40%-0.20%
10/13/2017U. of Mich. Sentiment9595.1
10/13/2017U. of Mich. Current Conditions111.6111.7
10/13/2017U. of Mich. Expectations85.384.4
10/13/2017U. of Mich. 1 Yr Inflation2.70%
10/13/2017U. of Mich. 5-10 Yr Inflation2.50%
10/13/2017Business Inventories0.70%0.20%
10/16/2017Empire Manufacturing20.424.4
10/17/2017Import Price Index MoM0.50%0.60%
10/17/2017Import Price Index ex Petroleum MoM0.10%0.30%
10/17/2017Import Price Index YoY2.10%
10/17/2017Export Price Index MoM0.30%0.60%
10/17/2017Export Price Index YoY2.30%
10/17/2017Industrial Production MoM0.20%-0.90%
10/17/2017Capacity Utilization76.10%76.10%
10/17/2017Manufacturing (SIC) Production-0.30%
10/17/2017NAHB Housing Market Index6364
10/17/2017Total Net TIC Flows-$7.3b
10/17/2017Net Long-term TIC Flows$1.3b
10/18/2017MBA Mortgage Applications-2.10%
10/18/2017Housing Starts1180k1180k
10/18/2017Housing Starts MoM0.00%-0.80%
10/18/2017Building Permits1220k1300k
10/18/2017Building Permits MoM-4.10%5.70%
10/18/2017U.S. Federal Reserve Releases Beige Book