Treasury prices are higher again this morning on another down day for equities. S&P 500 futures were down as much as 1% overnight but have since recovered to -0.18% on the day. There were no major headlines released overnight, although European PMI data was weaker than expected.  A better than expected earnings report from Boeing has contributed to the partial recovery in stocks, but the larger narrative affecting markets remains effectively the same (trade, hawkish Fed, higher bond yields, etc.).  New home sales data for September will be released later this morning. Housing data has softened in recent months on affordability concerns, but inventories remain historically low. The Fedspeak calendar is relatively full again today, with four leaders speaking at separate events today (3 regional bank presidents and 1 governor).

Jason Haley
Managing Director, Investment Management Group


10/22Chicago Fed Nat Activity Index0.210.170.18
10/23Richmond Fed Manufact. Index241529
10/24MBA Mortgage Applications4.90%-7.10%
10/24FHFA House Price Index MoM0.30%0.30%0.20%
10/24Markit US Manufacturing PMI55.355.6
10/24Markit US Services PMI5453.5
10/24Markit US Composite PMI53.9
10/24New Home Sales625k629k
10/24New Home Sales MoM-0.60%3.50%
10/24U.S. Federal Reserve Releases Beige Book
10/25Advance Goods Trade Balance-$75.1b-$75.8b
10/25Wholesale Inventories MoM0.50%1.00%
10/25Retail Inventories MoM0.70%
10/25Durable Goods Orders-1.50%4.40%
10/25Durables Ex Transportation0.40%0.00%
10/25Cap Goods Orders Nondef Ex Air0.50%-0.90%
10/25Cap Goods Ship Nondef Ex Air0.40%-0.20%
10/25Initial Jobless Claims215k210k
10/25Continuing Claims1644k1640k
10/25Bloomberg Consumer Comfort60.8
10/25Pending Home Sales MoM0.00%-1.80%
10/25Pending Home Sales NSA YoY-2.60%-2.50%
10/25Kansas City Fed Manf. Activity1413
10/26GDP Annualized QoQ3.30%4.20%
10/26Personal Consumption3.30%3.80%
10/26GDP Price Index2.10%3.00%
10/26Core PCE QoQ1.80%2.10%
10/26U. of Mich. Sentiment9999
10/26U. of Mich. Current Conditions114.4
10/26U. of Mich. Expectations89.1
10/26U. of Mich. 1 Yr Inflation2.80%
10/26U. of Mich. 5-10 Yr Inflation2.30%