Site Search

Looking for something? Use the search bar below or visit our Resources page.


Author Jason Haley

Published

Estimated

Trading volumes were predictably low across multiple asset classes overnight as markets await Powell’s Jackson Hole speech.

Equity trading in the U.S. and Europe was reportedly at its lowest volume yesterday since the July 4 holiday period. Treasury yields are 1-2 basis points lower so far this morning. Housing starts rose more than expected in July (+5.2% m/m) despite the prior month’s figure being revised higher. The overall increase included a 9.9% bump in multifamily starts, and single-family starts rose 2.8% m/m. Forward-looking building permits fell 2.8% m/m due to an 8.2% drop in multifamily permits. While higher than pre-Covid averages, the pace of monthly housing starts is down more than 20% from the mid-2022 peak. There are no more data releases scheduled today, but Fed Governor Michelle Bowman, a dissenting vote at the July 30 FOMC meeting, will be speaking twice today.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPrior
8/19/2025Housing Starts1297k1428k1321k
8/19/2025Building Permits1386k1354k1393k
8/19/2025Housing Starts MoM-1.80%5.20%4.60%
8/19/2025Building Permits MoM-0.50%-2.80%-0.10%
8/20/2025MBA Mortgage Applications     —     —10.90%
8/20/2025FOMC Meeting Minutes     —     —     —
8/21/2025Initial Jobless Claims225k     —224k
8/21/2025Initial Claims 4-Wk Moving Avg     —     —221.75k
8/21/2025Continuing Claims1960k     —1953k
8/21/2025Philadelphia Fed Business Outlook6.7     —15.9
8/21/2025S&P Global US Manufacturing PMI49.7     —49.8
8/21/2025S&P Global US Services PMI54.2     —55.7
8/21/2025S&P Global US Composite PMI53.5     —55.1
8/21/2025Leading Index-0.10%     —-0.30%
8/21/2025Existing Home Sales3.92m     —3.93m
8/21/2025Existing Home Sales MoM-0.30%     —-2.70%
8/25/2025Chicago Fed Nat Activity Index     —     —-0.1
8/25/2025New Home Sales625k     —627k
8/25/2025New Home Sales MoM-0.30%     —0.60%
8/25/2025Dallas Fed Manf. Activity     —     —0.9
8/25/2025Building Permits     —     —1354k
8/25/2025Building Permits MoM     —     —-2.80%
8/26/2025Philadelphia Fed Non-Manufacturing Activity     —     —-10.3
8/26/2025Durable Goods Orders-4.00%     —-9.40%
8/26/2025Durables Ex Transportation0.10%     —0.20%
8/26/2025Cap Goods Orders Nondef Ex Air0.40%     —-0.80%
8/26/2025Cap Goods Ship Nondef Ex Air     —     —0.30%
8/26/2025FHFA House Price Index MoM     —     —-0.20%
8/26/2025House Price Purchase Index QoQ     —     —0.70%
8/26/2025S&P CoreLogic CS 20-City MoM SA     —     —-0.34%
8/26/2025S&P CoreLogic CS 20-City YoY NSA     —     —2.79%
8/26/2025S&P CoreLogic CS US HPI YoY NSA     —     —2.25%
8/26/2025Richmond Fed Manufact. Index     —     —-20
8/26/2025Richmond Fed Business Conditions     —     —-8
8/26/2025Conf. Board Consumer Confidence97     —97.2
8/26/2025Conf. Board Present Situation     —     —131.5
8/26/2025Conf. Board Expectations     —     —74.4
8/26/2025Dallas Fed Services Activity     —     —2

Jason Haley

Chief Investment Officer

LinkedIn

  Headline Disclaimer

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.

Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.

Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.



Recent Beyond The Headlines


  Headlines RSS
Strategic Partners

Let’s Work Together

ALM First is your agile partner with a trusted history of delivering results.