September 14, 2020 Headlines

Treasuries are little changed following a quiet overnight session, and the news cycle was relatively uneventful this weekend from a market perspective. The headline event for this week is Wednesday’s FOMC meeting, which could include forward guidance enhancement in the wake of the recent policy framework changes. Fed Chair Powell is also likely to once again highlight the importance of additional fiscal support as Congress struggles to agree on another round of spending. August retail sales data will also be released on Wednesday, and market participants will continue to pay close attention to the weekly jobless claims data on Thursday.

Jason Haley
Chief Investment Officer

Date	Event	Survey	Actual	Prior	Revised
9/15/20	Empire Manufacturing	7	—	3.7	—
9/15/20	Import Price Index MoM	0.50%	—	0.70%	—
9/15/20	Import Price Index ex Petroleum MoM	0.30%	—	0.20%	—
9/15/20	Import Price Index YoY	-2.20%	—	-3.30%	—
9/15/20	Export Price Index MoM	0.40%	—	0.80%	—
9/15/20	Export Price Index YoY	—	—	-4.40%	—
9/15/20	Industrial Production MoM	1.00%	—	3.00%	—
9/15/20	Capacity Utilization	71.40%	—	70.60%	—
9/15/20	Manufacturing (SIC) Production	1.30%	—	3.40%	—
9/16/20	MBA Mortgage Applications	—	—	2.90%	—
9/16/20	Retail Sales Advance MoM	1.00%	—	1.20%	—
9/16/20	Retail Sales Ex Auto MoM	0.90%	—	1.90%	—
9/16/20	Retail Sales Ex Auto and Gas	0.90%	—	1.50%	—
9/16/20	Retail Sales Control Group	0.30%	—	1.40%	—
9/16/20	Business Inventories	0.10%	—	-1.10%	—
9/16/20	NAHB Housing Market Index	78	—	78	78
9/16/20	FOMC Rate Decision (Upper Bound)	0.25%	—	0.25%	—
9/16/20	FOMC Rate Decision (Lower Bound)	0.00%	—	0.00%	—
9/16/20	Interest Rate on Excess Reserves	0.10%	—	0.10%	—
9/16/20	Net Long-term TIC Flows	—	—	$113.0b	—
9/16/20	Total Net TIC Flows	—	—	-$67.9b	—
9/17/20	Building Permits	1520k	—	1495k	1483k
9/17/20	Building Permits MoM	2.50%	—	18.80%	17.90%
9/17/20	Housing Starts	1483k	—	1496k	—
9/17/20	Housing Starts MoM	-0.90%	—	22.60%	—
9/17/20	Philadelphia Fed Business Outlook	15	—	17.2	—
9/17/20	Initial Jobless Claims	850k	—	884k	—
9/17/20	Continuing Claims	13000k	—	13385k	—
9/17/20	Bloomberg Economic Expectations	—	—	38	—
9/17/20	Bloomberg Consumer Comfort	—	—	47.8	—
9/18/20	Current Account Balance	-$160.0b	—	-$104.2b	—
9/18/20	Leading Index	1.30%	—	1.40%	—
9/18/20	U. of Mich. Sentiment	75	—	74.1	—
9/18/20	U. of Mich. Current Conditions	—	—	82.9	—
9/18/20	U. of Mich. Expectations	—	—	68.5	—
9/18/20	U. of Mich. 1 Yr Inflation	—	—	3.10%	—
9/18/20	U. of Mich. 5-10 Yr Inflation	—	—	2.70%	—

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