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 TimeEvent SurveyActualPrior
10/03/2017Wards Total Vehicle SalesSep17.15m16.03m
10/03/2017Wards Domestic Vehicle SalesSep13.00m12.48m
10/04/2017 07:00MBA Mortgage Applications29-Sep-0.50%
10/04/2017 08:15ADP Employment ChangeSep135k237k
10/04/2017 09:45Markit US Services PMISep F55.155.1
10/04/2017 09:45Markit US Composite PMISep F54.6
10/04/2017 10:00ISM Non-Manf. CompositeSep55.555.3
10/05/2017 07:30Challenger Job Cuts YoYSep5.10%
10/05/2017 08:30Initial Jobless Claims30-Sep265k272k
10/05/2017 08:30Continuing Claims23-Sep1950k1934k
10/05/2017 08:30Trade BalanceAug-$42.7b-$43.7b
10/05/2017 09:45Bloomberg Consumer Comfort1-Oct51.6
10/05/2017 10:00Factory OrdersAug1.00%-3.30%
10/05/2017 10:00Factory Orders Ex TransAug0.50%
10/05/2017 10:00Durable Goods OrdersAug F1.70%1.70%
10/05/2017 10:00Durables Ex TransportationAug F0.20%
10/05/2017 10:00Cap Goods Orders Nondef Ex AirAug F0.90%
10/05/2017 10:00Cap Goods Ship Nondef Ex AirAug F0.70%
10/06/2017 08:30Change in Nonfarm PayrollsSep80k156k
10/06/2017 08:30Two-Month Payroll Net RevisionSep
10/06/2017 08:30Change in Private PayrollsSep74k165k
10/06/2017 08:30Change in Manufact. PayrollsSep8k36k
10/06/2017 08:30Unemployment RateSep4.40%4.40%
10/06/2017 08:30Average Hourly Earnings MoMSep0.30%0.10%
10/06/2017 08:30Average Hourly Earnings YoYSep2.50%2.50%
10/06/2017 08:30Average Weekly Hours All EmployeesSep34.434.4
10/06/2017 08:30Labor Force Participation RateSep62.90%
10/06/2017 08:30Underemployment RateSep8.60%
10/06/2017 10:00Wholesale Trade Sales MoMAug0.00%-0.10%
10/06/2017 10:00Wholesale Inventories MoMAug F1.00%1.00%
10/06/2017 15:00Consumer CreditAug$15.540b$18.499b
10/10/2017 06:00NFIB Small Business OptimismSep105.3