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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