Treasury prices were slightly lower overnight on below-average trading volumes, and reports that Trump had a good meeting with John Taylor regarding his potential nomination for Fed Chair is contributing to the weakness. Taylor is perceived to be one of the most hawkish policymakers of those being considered. Janet Yellen’s current term as Fed Chair will expire in February, and President Trump will meet with her as well on Thursday. Asian equity markets were mixed overnight, and European markets are slightly higher at the moment. S&P 500 futures are essentially unchanged.
Jason Haley
Managing Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior |
| 10/16 | Empire Manufacturing | 20.4 | 30.2 | 24.4 |
| 10/17 | Import Price Index MoM | 0.60% | 0.70% | 0.60% |
| 10/17 | Import Price Index ex Petroleum MoM | 0.20% | 0.30% | 0.30% |
| 10/17 | Import Price Index YoY | 2.60% | 2.70% | 2.10% |
| 10/17 | Export Price Index MoM | 0.50% | 0.80% | 0.60% |
| 10/17 | Export Price Index YoY | — | 2.90% | 2.30% |
| 10/17 | Industrial Production MoM | 0.30% | 0.30% | -0.90% |
| 10/17 | Capacity Utilization | 76.20% | 76.00% | 76.10% |
| 10/17 | Manufacturing (SIC) Production | 0.20% | 0.10% | -0.30% |
| 10/17 | NAHB Housing Market Index | 64 | 68 | 64 |
| 10/17 | Total Net TIC Flows | — | — | -$7.3b |
| 10/17 | Net Long-term TIC Flows | — | — | $1.3b |
| 10/17-10/20 | Monthly Budget Statement | $6.0b | — | $33.4b |
| 10/18 | MBA Mortgage Applications | — | — | -2.10% |
| 10/18 | Housing Starts | 1175k | — | 1180k |
| 10/18 | Housing Starts MoM | -0.40% | — | -0.80% |
| 10/18 | Building Permits | 1245k | — | 1300k |
| 10/18 | Building Permits MoM | -2.10% | — | 5.70% |
| 10/18 | U.S. Federal Reserve Releases Beige Book | |||
| 10/19 | Initial Jobless Claims | 240k | — | 243k |
| 10/19 | Philadelphia Fed Business Outlook | 22 | — | 23.8 |
| 10/19 | Continuing Claims | 1890k | — | 1889k |
| 10/19 | Bloomberg Consumer Comfort | — | — | 49.5 |
| 10/19 | Bloomberg Economic Expectations | — | — | 51.5 |
| 10/19 | Leading Index | 0.10% | — | 0.40% |
| 10/20 | Existing Home Sales | 5.30m | — | 5.35m |
| 10/20 | Existing Home Sales MoM | -0.90% | — | -1.70% |