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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