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

 

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content. Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.