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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