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

Date Event Survey Actual Prior
10/11/2017 MBA Mortgage Applications -2.10% -0.40%
10/11/2017 JOLTS Job Openings 6125 6082 6170
10/11/2017 FOMC Meeting Minutes
10/12/2017 PPI Final Demand MoM 0.40% 0.20%
10/12/2017 PPI Ex Food and Energy MoM 0.20% 0.10%
10/12/2017 PPI Ex Food, Energy, Trade MoM 0.20% 0.20%
10/12/2017 PPI Final Demand YoY 2.60% 2.40%
10/12/2017 PPI Ex Food and Energy YoY 2.00% 2.00%
10/12/2017 PPI Ex Food, Energy, Trade YoY 1.90%
10/12/2017 Initial Jobless Claims 250k 260k
10/12/2017 Continuing Claims 1930k 1938k
10/12/2017 Bloomberg Consumer Comfort 49.9
10/12/2017 Monthly Budget Statement $6.0b $33.4b
10/13/2017 CPI MoM 0.60% 0.40%
10/13/2017 CPI Ex Food and Energy MoM 0.20% 0.20%
10/13/2017 CPI YoY 2.30% 1.90%
10/13/2017 CPI Ex Food and Energy YoY 1.80% 1.70%
10/13/2017 CPI Core Index SA 253.017 252.54
10/13/2017 CPI Index NSA 246.933 245.519
10/13/2017 Real Avg Weekly Earnings YoY 0.90%
10/13/2017 Retail Sales Advance MoM 1.70% -0.20%
10/13/2017 Real Avg Hourly Earning YoY 0.60%
10/13/2017 Retail Sales Ex Auto MoM 0.90% 0.20%
10/13/2017 Retail Sales Ex Auto and Gas 0.40% -0.10%
10/13/2017 Retail Sales Control Group 0.40% -0.20%
10/13/2017 U. of Mich. Sentiment 95 95.1
10/13/2017 U. of Mich. Current Conditions 111.6 111.7
10/13/2017 U. of Mich. Expectations 85.3 84.4
10/13/2017 U. of Mich. 1 Yr Inflation 2.70%
10/13/2017 U. of Mich. 5-10 Yr Inflation 2.50%
10/13/2017 Business Inventories 0.70% 0.20%
10/16/2017 Empire Manufacturing 20.4 24.4
10/17/2017 Import Price Index MoM 0.50% 0.60%
10/17/2017 Import Price Index ex Petroleum MoM 0.10% 0.30%
10/17/2017 Import Price Index YoY 2.10%
10/17/2017 Export Price Index MoM 0.30% 0.60%
10/17/2017 Export Price Index YoY 2.30%
10/17/2017 Industrial Production MoM 0.20% -0.90%
10/17/2017 Capacity Utilization 76.10% 76.10%
10/17/2017 Manufacturing (SIC) Production -0.30%
10/17/2017 NAHB Housing Market Index 63 64
10/17/2017 Total Net TIC Flows -$7.3b
10/17/2017 Net Long-term TIC Flows $1.3b
10/18/2017 MBA Mortgage Applications -2.10%
10/18/2017 Housing Starts 1180k 1180k
10/18/2017 Housing Starts MoM 0.00% -0.80%
10/18/2017 Building Permits 1220k 1300k
10/18/2017 Building Permits MoM -4.10% 5.70%
10/18/2017 U.S. Federal Reserve Releases Beige Book