October 19, 2020 Headlines

Renewed hope for a new stimulus package is boosting risk assets this morning and pushing Treasury prices lower across the curve. Hope is likely the key word because there still appears to be a lot needed to get House Democrats, the White House, and Senate Republicans all on the same page before the election. House Speaker Pelosi set a 48-hour deadline over thew weekend (expires end of tomorrow) to approve any new fiscal aid before the November 3 election. This week’s economic data calendar is relatively light, although preliminary global PMI data (Markit) for October will be reported on Friday. Six different Fed leaders will be speaking today, including Jerome Powell.

Jason Haley
Chief Investment Officer

10/19/20NAHB Housing Market Index8383
10/20/20Housing Starts1460k1416k
10/20/20Housing Starts MoM3.10%-5.10%
10/20/20Building Permits1520k1470k1476k
10/20/20Building Permits MoM3.00%-0.90%-0.50%
10/21/20MBA Mortgage Applications-0.70%
10/21/20U.S. Federal Reserve Releases Beige Book
10/22/20Initial Jobless Claims870k898k
10/22/20Continuing Claims9775k10018k
10/22/20Bloomberg Economic Expectations41.5
10/22/20Bloomberg Consumer Comfort48.2
10/22/20Leading Index0.70%1.20%
10/22/20Existing Home Sales6.30m6.00m
10/22/20Existing Home Sales MoM5.00%2.40%
10/22/20Kansas City Fed Manf. Activity1111
10/23/20Markit US Manufacturing PMI53.553.2
10/23/20Markit US Services PMI54.654.6
10/23/20Markit US Composite PMI54.3


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