Front-end Treasuries are modestly lower following what was perceived as dovish (or less hawkish) results from the central banks of Australia and Japan.
The former removed its hiking bias guidance but was not yet ready to signal a pivot to rate cuts. The Bank of Japan announced its first rate hike in 17 years, raising its target rate range to 0% – 0.10% and ending an era of negative interest rate policy. However, the central bank also said it would continue its government bond purchases across the curve over the next three months, leading to a general characterization of a ‘dovish hike.’ In the U.S., housing starts rose 10.7% in February to a 1.52-million-unit pace, exceeding expectations. Overall starts were led by a 11.6% increase in single-family units following negative growth in the prior two months. Multifamily starts rose 8.3% in February. On a year-over-year basis, single-family starts were up 35.2% in February.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 3/19/2024 | Housing Starts | 1440k | 1521k | 1331k | 1374k |
| 3/19/2024 | Building Permits | 1496k | 1518k | 1470k | 1489k |
| 3/19/2024 | Housing Starts MoM | 8.20% | 10.70% | -14.80% | -12.30% |
| 3/19/2024 | Building Permits MoM | 0.50% | 1.90% | -1.50% | -0.30% |
| 3/19/2024 | Total Net TIC Flows | — | — | $139.8b | — |
| 3/19/2024 | Net Long-term TIC Flows | — | — | $160.2b | — |
| 3/20/2024 | MBA Mortgage Applications | — | — | 7.10% | — |
| 3/20/2024 | FOMC Rate Decision (Upper Bound) | 5.50% | — | 5.50% | — |
| 3/20/2024 | FOMC Rate Decision (Lower Bound) | 5.25% | — | 5.25% | — |
| 3/20/2024 | Interest on Reserve Balances Rate | 5.40% | — | 5.40% | — |
| 3/21/2024 | Current Account Balance | -$209.0b | — | -$200.3b | — |
| 3/21/2024 | Philadelphia Fed Business Outlook | -2.8 | — | 5.2 | — |
| 3/21/2024 | Initial Jobless Claims | 213k | — | 209k | — |
| 3/21/2024 | Continuing Claims | 1820k | — | 1811k | — |
| 3/21/2024 | S&P Global US Manufacturing PMI | 51.8 | — | 52.2 | — |
| 3/21/2024 | S&P Global US Services PMI | 52 | — | 52.3 | — |
| 3/21/2024 | S&P Global US Composite PMI | 52.2 | — | 52.5 | — |
| 3/21/2024 | Leading Index | -0.10% | — | -0.40% | — |
| 3/21/2024 | Existing Home Sales | 3.94m | — | 4.00m | — |
| 3/21/2024 | Existing Home Sales MoM | -1.50% | — | 3.10% | — |
| 3/25/2024 | Chicago Fed Nat Activity Index | -0.3 | — | -0.3 | — |
| 3/25/2024 | Bloomberg March United States Economic Survey | ||||
| 3/25/2024 | New Home Sales | 675k | — | 661k | — |
| 3/25/2024 | New Home Sales MoM | 2.10% | — | 1.50% | — |
| 3/25/2024 | Dallas Fed Manf. Activity | — | — | -11.3 | — |
| 3/26/2024 | Philadelphia Fed Non-Manufacturing Activity | — | — | -8.8 | — |
| 3/26/2024 | Durable Goods Orders | 1.40% | — | -6.20% | — |
| 3/26/2024 | Durables Ex Transportation | 0.30% | — | -0.40% | — |
| 3/26/2024 | Cap Goods Orders Nondef Ex Air | — | — | 0.00% | — |
| 3/26/2024 | Cap Goods Ship Nondef Ex Air | — | — | 0.90% | — |
| 3/26/2024 | FHFA House Price Index MoM | — | — | 0.10% | — |
| 3/26/2024 | S&P CoreLogic CS 20-City MoM SA | — | — | 0.21% | — |
| 3/26/2024 | S&P CoreLogic CS US HPI YoY NSA | — | — | 5.53% | — |
| 3/26/2024 | S&P CoreLogic CS 20-City YoY NSA | — | — | 6.13% | — |
| 3/26/2024 | Conf. Board Consumer Confidence | 106.9 | — | 106.7 | — |
| 3/26/2024 | Conf. Board Present Situation | — | — | 147.2 | — |
| 3/26/2024 | Conf. Board Expectations | — | — | 79.8 | — |
| 3/26/2024 | Richmond Fed Manufact. Index | — | — | -5 | — |
| 3/26/2024 | Richmond Fed Business Conditions | — | — | -7 | — |
| 3/26/2024 | Dallas Fed Services Activity | — | — | -3.9 | — |
