Treasuries prices are slightly lower across the curve amid a modest risk-on trade in global markets. Stocks rebounded overnight (Nikkei +1.3%, Euro Stoxx +0.9%), and S&P 500 futures are currently up 21 points (+0.8%). Improved sentiment appears to be driven more by a lack of negative headlines in the last 24 hours than anything else. Corporate earnings season for Q3 is off to a good start, but it’s too early to get a more comprehensive read on how companies fared relative to expectations. Italy finally submitted its budget to the European Union (EU), and EU officials have until October 22 to recommend changes and until October 29 to reject the budget outright.

Jason Haley
Managing Director, Investment Management Group

 

DateEventSurveyActualPrior
10/15Empire Manufacturing2021.119
10/15Retail Sales Advance MoM0.60%0.10%0.10%
10/15Retail Sales Ex Auto MoM0.40%-0.10%0.30%
10/15Retail Sales Ex Auto and Gas0.30%0.00%0.20%
10/15Retail Sales Control Group0.40%0.50%0.10%
10/15Business Inventories0.50%0.50%0.60%
10/15Monthly Budget Statement$83.0b$119.1b$7.9b
10/16Industrial Production MoM0.20%0.30%0.40%
10/16Capacity Utilization78.20%78.10%78.10%
10/16Manufacturing (SIC) Production0.20%0.20%0.20%
10/16NAHB Housing Market Index6667
10/16JOLTS Job Openings69006939
10/16Total Net TIC Flows$60.3b$52.2b
10/16Net Long-term TIC Flows$74.8b
10/17MBA Mortgage Applications-1.70%
10/17Housing Starts1210k1282k
10/17Housing Starts MoM-5.60%9.20%
10/17Building Permits1274k1229k
10/17Building Permits MoM2.00%-5.70%
10/17FOMC Meeting Minutes
10/18Philadelphia Fed Business Outlook2022.9
10/18Initial Jobless Claims210k214k
10/18Continuing Claims1665k1660k
10/18Bloomberg Economic Expectations57.5
10/18Bloomberg Consumer Comfort59.5
10/18Leading Index0.50%0.40%
10/19Existing Home Sales5.29m5.34m
10/19Existing Home Sales MoM-0.90%0.00%