Treasuries rallied overnight on better buying from Asian investors, but prices have now pulled back on supply pressures from Europe and are unchanged versus yesterday’s close. Asian equity markets were mostly higher, although a few markets were still closed for holiday (China, Taiwan, and S. Korea). Most European equity indices are lower as the Catalonia situation continues to weigh somewhat on investor sentiment, and S&P 500 futures are down 3 points. The debate in the markets around who will be nominated to be the next Fed Chair remains lively. The Wall Street Journal’s Editorial Board is recommending that the White House steer clear of current Chair Janet Yellen and Governor Jerome Powell because both represent the status quo for post-crisis monetary policies. Former Fed Governor Kevin Warsh, who is reported to be under consideration as well, is drawing criticism from both conservatives and liberals for various reasons, and a wildcard candidate suggested by bond manager Jeff Gundlach is Neel Kashkari, who currently heads the Minneapolis Fed and is considered one of the more dovish members of the FOMC.
Jason Haley
Managing Director, Investment Management Group
| Date | Event | Survey | Actual | Prior | Revised | |
| 10/2/17 | Markit US Manufacturing PMI | Sep F | 53 | 53.1 | 53 | — |
| 10/2/17 | ISM Manufacturing | Sep | 58.1 | 60.8 | 58.8 | — |
| 10/2/17 | ISM Prices Paid | Sep | 63 | 71.5 | 62 | — |
| 10/2/17 | ISM New Orders | Sep | — | 64.6 | 60.3 | — |
| 10/2/17 | ISM Employment | Sep | — | 60.3 | 59.9 | — |
| 10/2/17 | Construction Spending MoM | Aug | 0.40% | 0.50% | -0.60% | -1.20% |
| 10/3/17 | Wards Total Vehicle Sales | Sep | 17.15m | 18.47m | 16.03m | — |
| 10/3/17 | Wards Domestic Vehicle Sales | Sep | 13.00m | 14.33m | 12.48m | — |
| 10/4/17 | MBA Mortgage Applications | 29-Sep | — | -0.40% | -0.50% | — |
| 10/4/17 | ADP Employment Change | Sep | 135k | 135k | 237k | 228k |
| 10/4/17 | Markit US Services PMI | Sep F | 55.1 | 55.3 | 55.1 | — |
| 10/4/17 | Markit US Composite PMI | Sep F | — | 54.8 | 54.6 | — |
| 10/4/17 | ISM Non-Manf. Composite | Sep | 55.5 | 59.8 | 55.3 | — |
| 10/5/17 | Challenger Job Cuts YoY | Sep | — | — | 5.10% | — |
| 10/5/17 | Initial Jobless Claims | 30-Sep | 265k | — | 272k | — |
| 10/5/17 | Continuing Claims | 23-Sep | 1950k | — | 1934k | — |
| 10/5/17 | Trade Balance | Aug | -$42.7b | — | -$43.7b | — |
| 10/5/17 | Bloomberg Consumer Comfort | 1-Oct | — | — | 51.6 | — |
| 10/5/17 | Factory Orders | Aug | 1.00% | — | -3.30% | — |
| 10/5/17 | Factory Orders Ex Trans | Aug | — | — | 0.50% | — |
| 10/5/17 | Durable Goods Orders | Aug F | 1.70% | — | 1.70% | — |
| 10/5/17 | Durables Ex Transportation | Aug F | — | — | 0.20% | — |
| 10/5/17 | Cap Goods Orders Nondef Ex Air | Aug F | — | — | 0.90% | — |
| 10/5/17 | Cap Goods Ship Nondef Ex Air | Aug F | — | — | 0.70% | — |
| 10/6/17 | Change in Nonfarm Payrolls | Sep | 80k | — | 156k | — |
| 10/6/17 | Two-Month Payroll Net Revision | Sep | — | — | — | — |
| 10/6/17 | Change in Private Payrolls | Sep | 74k | — | 165k | — |
| 10/6/17 | Change in Manufact. Payrolls | Sep | 8k | — | 36k | — |
| 10/6/17 | Unemployment Rate | Sep | 4.40% | — | 4.40% | — |
| 10/6/17 | Average Hourly Earnings MoM | Sep | 0.30% | — | 0.10% | — |
| 10/6/17 | Average Hourly Earnings YoY | Sep | 2.50% | — | 2.50% | — |
| 10/6/17 | Average Weekly Hours All Employees | Sep | 34.4 | — | 34.4 | — |
| 10/6/17 | Labor Force Participation Rate | Sep | — | — | 62.90% | — |
| 10/6/17 | Underemployment Rate | Sep | — | — | 8.60% | — |
| 10/6/17 | Wholesale Trade Sales MoM | Aug | 0.00% | — | -0.10% | — |
| 10/6/17 | Wholesale Inventories MoM | Aug F | 1.00% | — | 1.00% | — |
| 10/6/17 | Consumer Credit | Aug | $15.540b | — | $18.499b | — |