The curve is modestly steeper in a quiet trading session thus far, and long-end yields were higher overnight on stronger equities in Asia. European equity markets are mixed, and S&P 500 futures are up 3 points at the moment. The initial GOP tax plan continues to face heavy criticism (not surprisingly), and some prominent GOP lawmakers are warning that too much compromise will lose their support. For example, Senator Bob Corker (R-TN) reaffirmed that that he won’t vote for a tax bill that adds to significantly to the deficit, and he questioned the GOP’s “intestinal fortitude” for getting a worthy bill done. Corker also said that the White House is showing “softness” on the initial plan proposal for ending $1.3 trillion of state and local tax deductions, and several of Corker’s GOP colleagues have expressed similar concerns regarding the deficit impact. This is just another sign of how difficult this effort will be to get Republicans on the same page, much less garnering the needed Democrat support.
Jason Haley
Managing Director, Investment Management Group
| Date Time | Event | Survey | Actual | Prior | |
| 10/03/2017 | Wards Total Vehicle Sales | Sep | 17.15m | — | 16.03m |
| 10/03/2017 | Wards Domestic Vehicle Sales | Sep | 13.00m | — | 12.48m |
| 10/04/2017 07:00 | MBA Mortgage Applications | 29-Sep | — | — | -0.50% |
| 10/04/2017 08:15 | ADP Employment Change | Sep | 135k | — | 237k |
| 10/04/2017 09:45 | Markit US Services PMI | Sep F | 55.1 | — | 55.1 |
| 10/04/2017 09:45 | Markit US Composite PMI | Sep F | — | — | 54.6 |
| 10/04/2017 10:00 | ISM Non-Manf. Composite | Sep | 55.5 | — | 55.3 |
| 10/05/2017 07:30 | Challenger Job Cuts YoY | Sep | — | — | 5.10% |
| 10/05/2017 08:30 | Initial Jobless Claims | 30-Sep | 265k | — | 272k |
| 10/05/2017 08:30 | Continuing Claims | 23-Sep | 1950k | — | 1934k |
| 10/05/2017 08:30 | Trade Balance | Aug | -$42.7b | — | -$43.7b |
| 10/05/2017 09:45 | Bloomberg Consumer Comfort | 1-Oct | — | — | 51.6 |
| 10/05/2017 10:00 | Factory Orders | Aug | 1.00% | — | -3.30% |
| 10/05/2017 10:00 | Factory Orders Ex Trans | Aug | — | — | 0.50% |
| 10/05/2017 10:00 | Durable Goods Orders | Aug F | 1.70% | — | 1.70% |
| 10/05/2017 10:00 | Durables Ex Transportation | Aug F | — | — | 0.20% |
| 10/05/2017 10:00 | Cap Goods Orders Nondef Ex Air | Aug F | — | — | 0.90% |
| 10/05/2017 10:00 | Cap Goods Ship Nondef Ex Air | Aug F | — | — | 0.70% |
| 10/06/2017 08:30 | Change in Nonfarm Payrolls | Sep | 80k | — | 156k |
| 10/06/2017 08:30 | Two-Month Payroll Net Revision | Sep | — | — | — |
| 10/06/2017 08:30 | Change in Private Payrolls | Sep | 74k | — | 165k |
| 10/06/2017 08:30 | Change in Manufact. Payrolls | Sep | 8k | — | 36k |
| 10/06/2017 08:30 | Unemployment Rate | Sep | 4.40% | — | 4.40% |
| 10/06/2017 08:30 | Average Hourly Earnings MoM | Sep | 0.30% | — | 0.10% |
| 10/06/2017 08:30 | Average Hourly Earnings YoY | Sep | 2.50% | — | 2.50% |
| 10/06/2017 08:30 | Average Weekly Hours All Employees | Sep | 34.4 | — | 34.4 |
| 10/06/2017 08:30 | Labor Force Participation Rate | Sep | — | — | 62.90% |
| 10/06/2017 08:30 | Underemployment Rate | Sep | — | — | 8.60% |
| 10/06/2017 10:00 | Wholesale Trade Sales MoM | Aug | 0.00% | — | -0.10% |
| 10/06/2017 10:00 | Wholesale Inventories MoM | Aug F | 1.00% | — | 1.00% |
| 10/06/2017 15:00 | Consumer Credit | Aug | $15.540b | — | $18.499b |
| 10/10/2017 06:00 | NFIB Small Business Optimism | Sep | — | — | 105.3 |