Treasuries are rallying with the 10-year hitting its lowest level since December of last year at 4.31%.
The bond rally is being driven by comments made by President Trump that tariffs on Canadian and Mexican goods are “on time” and “moving along very rapidly”. These comments were countered somewhat by an anonymous US official who stated that the taxes were still to be determined. This uncertainty around trade policy has given investors pause and has been the driver of the recent market volatility.
Hafizan Hamzah
Senior Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior |
| 02/25/25 | Philadelphia Fed Non-Manufacturing Activity | — | -13.1 | -9.1 |
| 02/25/25 | FHFA House Price Index MoM | — | 0.40% | 0.30% |
| 02/25/25 | House Price Purchase Index QoQ | 0.30% | 1.40% | 0.70% |
| 02/25/25 | S&P CoreLogic CS 20-City MoM SA | 0.40% | 0.52% | 0.41% |
| 02/25/25 | S&P CoreLogic CS 20-City YoY NSA | 4.41% | 4.48% | 4.33% |
| 02/25/25 | S&P CoreLogic CS US HPI YoY NSA | — | 3.92% | 3.75% |
| 02/25/25 | Conf. Board Consumer Confidence | 102.5 | — | 104.1 |
| 02/25/25 | Conf. Board Present Situation | — | — | 134.3 |
| 02/25/25 | Conf. Board Expectations | — | — | 83.9 |
| 02/25/25 | Richmond Fed Manufact. Index | -3 | — | -4 |
| 02/25/25 | Richmond Fed Business Conditions | — | — | 7 |
| 02/25/25 | Dallas Fed Services Activity | — | — | 7.4 |
| 02/26/25 | MBA Mortgage Applications | — | — | -6.60% |
| 02/26/25 | New Home Sales | 680k | — | 698k |
| 02/26/25 | New Home Sales MoM | -2.60% | — | 3.60% |
| 02/26/25 | Building Permits | — | — | 1483k |
| 02/26/25 | Building Permits MoM | — | — | 0.10% |
| 02/27/25 | GDP Annualized QoQ | 2.30% | — | 2.30% |
| 02/27/25 | Personal Consumption | 4.10% | — | 4.20% |
| 02/27/25 | GDP Price Index | 2.20% | — | 2.20% |
| 02/27/25 | Core PCE Price Index QoQ | 2.50% | — | 2.50% |
| 02/27/25 | Durable Goods Orders | 2.00% | — | -2.20% |
| 02/27/25 | Durables Ex Transportation | 0.30% | — | 0.30% |
| 02/27/25 | Cap Goods Orders Nondef Ex Air | 0.30% | — | 0.40% |
| 02/27/25 | Cap Goods Ship Nondef Ex Air | 0.30% | — | 0.50% |
| 02/27/25 | Initial Jobless Claims | 221k | — | 219k |
| 02/27/25 | Continuing Claims | 1871k | — | 1869k |
| 02/27/25 | Pending Home Sales MoM | -0.90% | — | -5.50% |
| 02/27/25 | Pending Home Sales NSA YoY | -1.00% | — | -2.90% |
| 02/27/25 | Kansas City Fed Manf. Activity | -5 | — | -5 |
| 02/28/25 | Advance Goods Trade Balance | -$116.6b | — | -$122.1b |
| 02/28/25 | Retail Inventories MoM | 0.20% | — | -0.30% |
| 02/28/25 | Personal Income | 0.40% | — | 0.40% |
| 02/28/25 | Personal Spending | 0.20% | — | 0.70% |
| 02/28/25 | Real Personal Spending | -0.20% | — | 0.40% |
| 02/28/25 | Wholesale Inventories MoM | 0.10% | — | -0.50% |
| 02/28/25 | PCE Price Index MoM | 0.30% | — | 0.30% |
| 02/28/25 | PCE Price Index YoY | 2.50% | — | 2.60% |
| 02/28/25 | Core PCE Price Index MoM | 0.30% | — | 0.20% |
| 02/28/25 | Core PCE Price Index YoY | 2.60% | — | 2.80% |
| 02/28/25 | MNI Chicago PMI | 40.8 | — | 39.5 |
| 02/28/25 | Kansas City Fed Services Activity | — | — | -4 |
