The Treasury curve is 3-6 bps lower to start the day.
This follows another weak jobless report this morning, with initial jobless claims for October coming in higher than expected. FED Governor Waller spoke yesterday, imploring officials to consider a December rate cut for “risk management.” The reasoning behind his point is that the labor market serves as a warning sign of weakness. Fed funds futures now sit at a 49% chance of a December rate cut. All eyes now turn to the September jobs report, which will be released on Thursday morning. On the equity side, equity futures point to another opening lower as the S&P 500 looks on track for its longest losing streak since August.
Kirby Hart
Associate
| Date | Event | Survey | Actual | Prior |
| 11/18/2025 | Jobless Claims for Oct. 18 Week Posted on Government Website | |||
| 11/18/2025 | Initial Jobless Claims | — | 232k | — |
| 11/18/2025 | Continuing Claims | — | 1957k | 1947k |
| 11/18/2025 | List of US Economic Indicators Delayed by Government Shutdown | |||
| 11/18/2025 | ADP Weekly Employment Preliminary Estimate | |||
| 11/18/2025 | Import/Export Indices Delayed by Government Shutdown | |||
| 11/18/2025 | New York Fed Services Business Activity | — | -21.7 | -23.6 |
| 11/18/2025 | Industrial Production Delayed by Government Shutdown | |||
| 11/18/2025 | NAHB Housing Market Index | 37 | — | 37 |
| 11/18/2025 | Factory Orders | 1.40% | — | -1.30% |
| 11/18/2025 | Factory Orders Ex Trans | 0.30% | — | 0.60% |
| 11/18/2025 | Durable Goods Orders | 2.90% | — | 2.90% |
| 11/18/2025 | Durables Ex Transportation | 0.40% | — | 0.40% |
| 11/18/2025 | Cap Goods Orders Nondef Ex Air | 0.60% | — | 0.60% |
| 11/18/2025 | Cap Goods Ship Nondef Ex Air | — | — | -0.30% |
| 11/18/2025 | Total Net TIC Flows | — | — | — |
| 11/18/2025 | Net Long-term TIC Flows | — | — | — |
| 11/17/2025-11/20/2025 | Federal Budget Balance | -$228.8b | — | -$257.5b |
| 11/19/2025 | MBA Mortgage Applications | — | — | 0.60% |
| 11/19/2025 | Trade Balance | -$60.7b | — | -$78.3b |
| 11/19/2025 | Exports MoM | — | — | 0.30% |
| 11/19/2025 | Imports MoM | — | — | 5.90% |
| 11/19/2025 | FOMC Meeting Minutes | — | — | — |
| 11/20/2025 | Initial Jobless Claims | 226k | — | — |
| 11/20/2025 | Initial Claims 4-Wk Moving Avg | — | — | — |
| 11/20/2025 | Continuing Claims | 1945k | — | — |
| 11/20/2025 | Change in Nonfarm Payrolls | 55k | — | 22k |
| 11/20/2025 | Two-Month Payroll Net Revision | — | — | -21k |
| 11/20/2025 | Change in Private Payrolls | 65k | — | 38k |
| 11/20/2025 | Change in Manufact. Payrolls | -5k | — | -12k |
| 11/20/2025 | Nonfarm Payrolls 3-Mo Avg Chg | — | — | 29k |
| 11/20/2025 | Unemployment Rate | 4.30% | — | 4.30% |
| 11/20/2025 | Labor Force Participation Rate | 62.30% | — | 62.30% |
| 11/20/2025 | Average Hourly Earnings MoM | 0.30% | — | 0.30% |
| 11/20/2025 | Average Hourly Earnings YoY | 3.70% | — | 3.70% |
| 11/20/2025 | Average Weekly Hours All Employees | 34.2 | — | 34.2 |
| 11/20/2025 | Underemployment Rate | — | — | 8.10% |
| 11/20/2025 | Philadelphia Fed Business Outlook | 0 | — | -12.8 |
| 11/20/2025 | Leading Index Delayed by Government Shutdown | |||
| 11/20/2025 | Existing Home Sales | 4.09m | — | 4.06m |
| 11/20/2025 | Existing Home Sales MoM | 0.60% | — | 1.50% |
| 11/20/2025 | Kansas City Fed Manf. Activity | 3 | — | 6 |
| 11/20/2025-12/19/2025 | Housing Starts | 1329k | — | 1307k |
| 11/20/2025-12/19/2025 | Business Inventories | — | — | 0.20% |
| 11/20/2025-12/19/2025 | Retail Sales Advance MoM | — | — | 0.60% |
| 11/20/2025-12/19/2025 | Wholesale Trade Sales MoM | — | — | — |
| 11/20/2025-12/19/2025 | Retail Sales Ex Auto MoM | — | — | — |
| 11/20/2025-12/19/2025 | Building Permits | 1347k | — | 1330k |
| 11/20/2025-12/19/2025 | Retail Sales Ex Auto and Gas | — | — | — |
| 11/20/2025-12/19/2025 | Housing Starts MoM | 1.70% | — | — |
| 11/20/2025-12/19/2025 | Advance Goods Trade Balance | — | — | — |
| 11/20/2025-12/19/2025 | Retail Sales Control Group | — | — | — |
| 11/20/2025-12/19/2025 | Building Permits MoM | 1.30% | — | — |
| 11/20/2025-12/19/2025 | Advance Goods Exports MoM SA | — | — | — |
| 11/20/2025-12/19/2025 | Advance Goods Imports MoM SA | — | — | — |
| 11/20/2025-12/19/2025 | Retail Inventories MoM | — | — | — |
| 11/20/2025-12/19/2025 | New Home Sales | — | — | — |
| 11/20/2025-12/19/2025 | Wholesale Inventories MoM | — | — | — |
| 11/20/2025-12/19/2025 | New Home Sales MoM | — | — | — |
| 11/20/2025-12/19/2025 | Durable Goods Orders | — | — | — |
| 11/20/2025-12/19/2025 | Durables Ex Transportation | — | — | — |
| 11/20/2025-12/19/2025 | Cap Goods Orders Nondef Ex Air | — | — | — |
| 11/21/2025 | Bloomberg Nov. United States Economic Survey | |||
| 11/21/2025 | Real Avg Hourly Earning YoY | — | — | 0.70% |
| 11/21/2025 | Real Avg Weekly Earnings YoY | — | — | 0.40% |
| 11/21/2025 | S&P Global US Manufacturing PMI | 52 | — | 52.5 |
| 11/21/2025 | S&P Global US Services PMI | 54.6 | — | 54.8 |
| 11/21/2025 | S&P Global US Composite PMI | — | — | 54.6 |
| 11/21/2025 | U. of Mich. Sentiment | 50.6 | — | 50.3 |
| 11/21/2025 | U. of Mich. Current Conditions | — | — | 52.3 |
| 11/21/2025 | U. of Mich. Expectations | — | — | 49 |
| 11/21/2025 | U. of Mich. 1 Yr Inflation | — | — | 4.70% |
| 11/21/2025 | U. of Mich. 5-10 Yr Inflation | 3.60% | — | 3.60% |
| 11/21/2025 | Kansas City Fed Services Activity | — | — | -5 |
| 11/24/2025 | Chicago Fed Nat Activity Index | — | — | — |
| 11/24/2025 | Dallas Fed Manf. Activity | — | — | -5 |
| 11/24/2025 | Fed Releases Annual Revision to Industrial Production | |||
| 11/25/2025 | Philadelphia Fed Non-Manufacturing Activity | — | — | -22.2 |
| 11/25/2025 | FHFA House Price Index MoM | — | — | 0.40% |
| 11/25/2025 | House Price Purchase Index QoQ | — | — | 0.00% |
| 11/25/2025 | S&P Cotality CS 20-City MoM SA | — | — | 0.19% |
| 11/25/2025 | S&P Cotality CS 20-City YoY NSA | — | — | 1.58% |
| 11/25/2025 | S&P Cotality CS US HPI YoY NSA | — | — | 1.51% |
| 11/25/2025 | Richmond Fed Manufact. Index | — | — | -4 |
| 11/25/2025 | Richmond Fed Business Conditions | — | — | -1 |
| 11/25/2025 | Conf. Board Consumer Confidence | 93.3 | — | 94.6 |
| 11/25/2025 | Conf. Board Present Situation | — | — | 129.3 |
| 11/25/2025 | Conf. Board Expectations | — | — | 71.5 |
| 11/25/2025 | Pending Home Sales MoM | — | — | 0.00% |
| 11/25/2025 | Pending Home Sales NSA YoY | — | — | 1.50% |
| 11/25/2025 | Dallas Fed Services Activity | — | — | -9.4 |