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

10/19/20NAHB Housing Market Index838583
10/20/20Housing Starts1465k1415k1416k1388k
10/20/20Housing Starts MoM3.50%1.90%-5.10%-6.70%
10/20/20Building Permits1520k1553k1470k1476k
10/20/20Building Permits MoM3.00%5.20%-0.90%-0.50%
10/21/20MBA Mortgage Applications-0.60%-0.70%
10/21/20U.S. Federal Reserve Releases Beige Book
10/22/20Initial Jobless Claims870k787k898k842k
10/22/20Continuing Claims9625k8373k10018k9397k
10/22/20Bloomberg Economic Expectations4341.5
10/22/20Bloomberg Consumer Comfort46.648.2
10/22/20Leading Index0.60%0.70%1.20%1.40%
10/22/20Existing Home Sales6.30m6.54m6.00m5.98m
10/22/20Existing Home Sales MoM5.00%9.40%2.40%2.00%
10/22/20Kansas City Fed Manf. Activity111311
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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