October 23, 2020 Headlines

Treasuries are little changed this morning following a quiet overnight session. The 10-year yield is up nearly 20 basis points from the low on October 15, and we tested support levels late yesterday, more specifically the 200-day moving average. Preliminary October PMI data for the Eurozone reveal a larger economy still struggling with Covid, particularly with fresh restriction to combat the recent uptick in cases. U.S. PMI data will be released later this morning. The odds of a new fiscal aid package before the election are fading fast, as House Speaker Pelosi and Treasury Secretary Mnuchin continue to debate the details of a $2 trillion package. There’s still also resistance from Senate Republicans, which also contributes to the delay.

Jason Haley
Chief Investment Officer

Date Event Survey Actual Prior Revised
10/19/20 NAHB Housing Market Index 83 85 83 —
10/20/20 Housing Starts 1465k 1415k 1416k 1388k
10/20/20 Housing Starts MoM 3.50% 1.90% -5.10% -6.70%
10/20/20 Building Permits 1520k 1553k 1470k 1476k
10/20/20 Building Permits MoM 3.00% 5.20% -0.90% -0.50%
10/21/20 MBA Mortgage Applications — -0.60% -0.70% —
10/21/20 U.S. Federal Reserve Releases Beige Book
10/22/20 Initial Jobless Claims 870k 787k 898k 842k
10/22/20 Continuing Claims 9625k 8373k 10018k 9397k
10/22/20 Bloomberg Economic Expectations — 43 41.5 —
10/22/20 Bloomberg Consumer Comfort — 46.6 48.2 —
10/22/20 Leading Index 0.60% 0.70% 1.20% 1.40%
10/22/20 Existing Home Sales 6.30m 6.54m 6.00m 5.98m
10/22/20 Existing Home Sales MoM 5.00% 9.40% 2.40% 2.00%
10/22/20 Kansas City Fed Manf. Activity 11 13 11 —
10/23/20 Markit US Manufacturing PMI 53.5 — 53.2 —
10/23/20 Markit US Services PMI 54.6 — 54.6 —
10/23/20 Markit US Composite PMI — — 54.3 —

 

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