Yesterday’s selloff in equities is poised to continue in today’s session with S&P 500 futures currently down more than 1%.
Treasury yields were initially higher in the overnight session as the market continues to price down odds of a December rate cut (now 53% in fed funds futures), but yields are now down 4-6 basis points versus yesterday’s close amid the risk-off tone. The weakness in equities is being attributed in part to concerns of a less dovish Fed, and we will hear from three Fed leaders today, including KC Fed President Schmid, who voted against the rate cut at the last meeting in October.
Jason Haley
Chief Investment Officer
| Date | Event | Period | Survey | Actual | Prior |
| 11/14/2025 | List of US Economic Indicators Delayed by Government Shutdown | ||||
| 11/14/2025 | Retail Sales Report Delayed by Government Shutdown | ||||
| 11/14/2025 | PPI Report Delayed by Government Shutdown | ||||
| 11/14/2025 | Business Inventories Delayed by Government Shutdown | ||||
| 11/14/2025-11/20/2025 | Federal Budget Balance | Oct | -$238.6b | — | -$257.5b |
| 11/17/2025 | Empire Manufacturing | Nov | 5.8 | — | 10.7 |
| 11/18/2025 | ADP Weekly Employment Preliminary Estimate | ||||
| 11/18/2025 | Import Price Index MoM | Oct | — | — | — |
| 11/18/2025 | Import Price Index ex Petroleum MoM | Oct | — | — | — |
| 11/18/2025 | Import Price Index YoY | Oct | — | — | — |
| 11/18/2025 | Export Price Index MoM | Oct | — | — | — |
| 11/18/2025 | Export Price Index YoY | Oct | — | — | — |
| 11/18/2025 | New York Fed Services Business Activity | Nov | — | — | -23.6 |
| 11/18/2025 | Industrial Production MoM | Oct | 0.00% | — | — |
| 11/18/2025 | Manufacturing (SIC) Production | Oct | 0.10% | — | — |
| 11/18/2025 | Capacity Utilization | Oct | 77.30% | — | — |
| 11/18/2025 | NAHB Housing Market Index | Nov | — | — | 37 |
| 11/18/2025 | Total Net TIC Flows | Sep | — | — | — |
| 11/18/2025 | Net Long-term TIC Flows | Sep | — | — | — |
| 11/19/2025 | MBA Mortgage Applications | 14-Nov | — | — | 0.60% |
| 11/19/2025 | Housing Starts | Oct | — | — | 1307k |
| 11/19/2025 | Building Permits | Oct P | — | — | — |
| 11/19/2025 | Housing Starts MoM | Oct | — | — | — |
| 11/19/2025 | Building Permits MoM | Oct P | — | — | — |
| 11/19/2025 | FOMC Meeting Minutes | 29-Oct | — | — | — |
| 11/20/2025 | Initial Jobless Claims | 15-Nov | — | — | — |
| 11/20/2025 | Initial Claims 4-Wk Moving Avg | 15-Nov | — | — | — |
| 11/20/2025 | Continuing Claims | 8-Nov | — | — | — |
| 11/20/2025 | Philadelphia Fed Business Outlook | Nov | -1.5 | — | -12.8 |
| 11/20/2025 | Leading Index | Oct | -0.30% | — | — |
| 11/20/2025 | Existing Home Sales | Oct | 4.09m | — | 4.06m |
| 11/20/2025 | Existing Home Sales MoM | Oct | 0.70% | — | 1.50% |
| 11/20/2025 | Kansas City Fed Manf. Activity | Nov | — | — | 6 |
| 11/21/2025 | Bloomberg Nov. United States Economic Survey | ||||
| 11/21/2025 | S&P Global US Manufacturing PMI | Nov P | — | — | 52.5 |
| 11/21/2025 | S&P Global US Services PMI | Nov P | — | — | 54.8 |
| 11/21/2025 | S&P Global US Composite PMI | Nov P | — | — | 54.6 |
| 11/21/2025 | U. of Mich. Sentiment | Nov F | — | — | 50.3 |
| 11/21/2025 | U. of Mich. Current Conditions | Nov F | — | — | 52.3 |
| 11/21/2025 | U. of Mich. Expectations | Nov F | — | — | 49 |
| 11/21/2025 | U. of Mich. 1 Yr Inflation | Nov F | — | — | 4.70% |
| 11/21/2025 | U. of Mich. 5-10 Yr Inflation | Nov F | — | — | 3.60% |
| 11/21/2025 | Kansas City Fed Services Activity | Nov | — | — | -5 |