Treasury yields are 2-3 basis points lower in relatively quiet trading this morning.
U.S. equity futures are little changed ahead of the open, but since the sharp sell-off on August 5, the S&P 500 is up 8.2% through yesterday’s close. The tech-heavy NASDAQ generated a 10.4% return over that same timeframe. For Treasuries, the retracement has been much more subtle. Front-end yields have risen 7-10 bps since August 5 (including this morning), and long-end yields are up just 2-5 bps. In other news, Sweden cut its benchmark policy rate today and guided for 2-3 more cuts this year, while the head of the ECB signaled the potential need for another rate cut in September. There are no major economic data releases for today, but two Fed leaders will speak at separate events this afternoon (Bostic and Barr).
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 8/20/2024 | Philadelphia Fed Non-Manufacturing Activity | — | -25.1 | -19.1 | — |
| 8/21/2024 | MBA Mortgage Applications | — | — | 16.80% | — |
| 8/21/2024 | BLS releases preliminary annual payrolls benchmark revision | ||||
| 8/21/2024 | FOMC Meeting Minutes | — | — | — | — |
| 8/22/2024 | Chicago Fed Nat Activity Index | 0.03 | — | 0.05 | — |
| 8/22/2024 | Initial Jobless Claims | 232k | — | 227k | — |
| 8/22/2024 | Continuing Claims | 1870k | — | 1864k | — |
| 8/22/2024 | S&P Global US Manufacturing PMI | 49.5 | — | 49.6 | — |
| 8/22/2024 | S&P Global US Services PMI | 54 | — | 55 | — |
| 8/22/2024 | S&P Global US Composite PMI | 53.2 | — | 54.3 | — |
| 8/22/2024 | Existing Home Sales | 3.93m | — | 3.89m | — |
| 8/22/2024 | Existing Home Sales MoM | 1.00% | — | -5.40% | — |
| 8/22/2024 | Kansas City Fed Manf. Activity | -9 | — | -13 | — |
| 8/23/2024 | Bloomberg Aug. United States Economic Survey | ||||
| 8/23/2024 | New Home Sales | 624k | — | 617k | — |
| 8/23/2024 | New Home Sales MoM | 1.10% | — | -0.60% | — |
| 8/23/2024 | Kansas City Fed Services Activity | — | — | -4 | — |
| 8/26/2024 | Durable Goods Orders | 3.90% | — | -6.70% | — |
| 8/26/2024 | Durables Ex Transportation | -0.10% | — | 0.40% | — |
| 8/26/2024 | Cap Goods Orders Nondef Ex Air | 0.10% | — | 0.90% | — |
| 8/26/2024 | Cap Goods Ship Nondef Ex Air | — | — | 0.20% | — |
| 8/26/2024 | Dallas Fed Manf. Activity | — | — | -17.5 | — |
| 8/27/2024 | House Price Purchase Index QoQ | — | — | 1.10% | — |
| 8/27/2024 | FHFA House Price Index MoM | — | — | 0.00% | — |
| 8/27/2024 | S&P CoreLogic CS 20-City MoM SA | — | — | 0.34% | — |
| 8/27/2024 | S&P CoreLogic CS US HPI YoY NSA | — | — | 5.94% | — |
| 8/27/2024 | S&P CoreLogic CS 20-City YoY NSA | — | — | 6.81% | — |
| 8/27/2024 | Conf. Board Consumer Confidence | 99.6 | — | 100.3 | — |
| 8/27/2024 | Conf. Board Present Situation | — | — | 133.6 | — |
| 8/27/2024 | Conf. Board Expectations | — | — | 78.2 | — |
| 8/27/2024 | Richmond Fed Manufact. Index | — | — | -17 | — |
| 8/27/2024 | Richmond Fed Business Conditions | — | — | -9 | — |
| 8/27/2024 | Dallas Fed Services Activity | — | — | -0.1 | — |
