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
| Date | Event | Survey | Actual | Prior |
| 10/22 | Chicago Fed Nat Activity Index | 0.21 | 0.17 | 0.18 |
| 10/23 | Richmond Fed Manufact. Index | 24 | 15 | 29 |
| 10/24 | MBA Mortgage Applications | — | 4.90% | -7.10% |
| 10/24 | FHFA House Price Index MoM | 0.30% | 0.30% | 0.20% |
| 10/24 | Markit US Manufacturing PMI | 55.3 | — | 55.6 |
| 10/24 | Markit US Services PMI | 54 | — | 53.5 |
| 10/24 | Markit US Composite PMI | — | — | 53.9 |
| 10/24 | New Home Sales | 625k | — | 629k |
| 10/24 | New Home Sales MoM | -0.60% | — | 3.50% |
| 10/24 | U.S. Federal Reserve Releases Beige Book | |||
| 10/25 | Advance Goods Trade Balance | -$75.1b | — | -$75.8b |
| 10/25 | Wholesale Inventories MoM | 0.50% | — | 1.00% |
| 10/25 | Retail Inventories MoM | — | — | 0.70% |
| 10/25 | Durable Goods Orders | -1.50% | — | 4.40% |
| 10/25 | Durables Ex Transportation | 0.40% | — | 0.00% |
| 10/25 | Cap Goods Orders Nondef Ex Air | 0.50% | — | -0.90% |
| 10/25 | Cap Goods Ship Nondef Ex Air | 0.40% | — | -0.20% |
| 10/25 | Initial Jobless Claims | 215k | — | 210k |
| 10/25 | Continuing Claims | 1644k | — | 1640k |
| 10/25 | Bloomberg Consumer Comfort | — | — | 60.8 |
| 10/25 | Pending Home Sales MoM | 0.00% | — | -1.80% |
| 10/25 | Pending Home Sales NSA YoY | -2.60% | — | -2.50% |
| 10/25 | Kansas City Fed Manf. Activity | 14 | — | 13 |
| 10/26 | GDP Annualized QoQ | 3.30% | — | 4.20% |
| 10/26 | Personal Consumption | 3.30% | — | 3.80% |
| 10/26 | GDP Price Index | 2.10% | — | 3.00% |
| 10/26 | Core PCE QoQ | 1.80% | — | 2.10% |
| 10/26 | U. of Mich. Sentiment | 99 | — | 99 |
| 10/26 | U. of Mich. Current Conditions | — | — | 114.4 |
| 10/26 | U. of Mich. Expectations | — | — | 89.1 |
| 10/26 | U. of Mich. 1 Yr Inflation | — | — | 2.80% |
| 10/26 | U. of Mich. 5-10 Yr Inflation | — | — | 2.30% |