Treasuries prices are slightly lower this morning despite North Korea launching another missile that crossed over Japan, which is a sign that markets are perhaps becoming desensitized to ongoing provocations. Equity markets are fairly quiet this morning as well, with S&P 500 futures down 2 points.  Asian equity markets were mostly higher overnight, and European equities are modestly lower.   Retail sales fell 0.2% in August, pushed lower by a 1.6% decline in auto sales, but ex-auto sales were also lower than expected at 0.2% versus 0.5%.  The retail sales control group, which feeds into the GDP calculation, fell 0.2% in August compared to expectations for a 0.2% gain.  The August industrial production report was also disappointing, with the headline figure falling 0.9%. Some of this weakness was almost certainly attributable to weather, but  even after subtracting the mining and utility sectors, overall production was still down 0.3% versus the prior month.

Jason Haley
Managing Director, Investment Management Group

Date TimeEvent SurveyActualPriorRevised
09/15/2017 08:30Empire ManufacturingSep1824.425.2
09/15/2017 08:30Retail Sales Advance MoMAug0.10%-0.20%0.60%0.30%
09/15/2017 08:30Retail Sales Ex Auto MoMAug0.50%0.20%0.50%0.40%
09/15/2017 08:30Retail Sales Ex Auto and GasAug0.30%-0.10%0.50%
09/15/2017 08:30Retail Sales Control GroupAug0.20%-0.20%0.60%
09/15/2017 09:15Industrial Production MoMAug0.10%-0.90%0.20%0.40%
09/15/2017 09:15Capacity UtilizationAug76.70%76.10%76.70%76.90%
09/15/2017 09:15Manufacturing (SIC) ProductionAug0.30%-0.30%-0.10%0.00%
09/15/2017 10:00U. of Mich. SentimentSep P9595.396.8
09/15/2017 10:00U. of Mich. Current ConditionsSep P108113.9110.9
09/15/2017 10:00U. of Mich. ExpectationsSep P8383.487.7
09/15/2017 10:00U. of Mich. 1 Yr InflationSep P2.70%2.60%
09/15/2017 10:00U. of Mich. 5-10 Yr InflationSep P2.60%2.50%
09/15/2017 10:00Business InventoriesJul0.20%0.20%0.50%
09/18/2017 10:00NAHB Housing Market IndexSep6768
09/18/2017 16:00Total Net TIC FlowsJul$7.7b
09/18/2017 16:00Net Long-term TIC FlowsJul$34.4b
09/19/2017 08:30Housing StartsAug1175k1155k
09/19/2017 08:30Housing Starts MoMAug1.70%-4.80%
09/19/2017 08:30Building PermitsAug1220k1223k1230k
09/19/2017 08:30Building Permits MoMAug-0.80%-4.10%-3.50%
09/19/2017 08:30Current Account Balance2Q-$112.4b-$116.8b
09/19/2017 08:30Import Price Index MoMAug0.40%0.10%
09/19/2017 08:30Import Price Index ex Petroleum MoMAug0.00%
09/19/2017 08:30Import Price Index YoYAug2.20%1.50%
09/19/2017 08:30Export Price Index MoMAug0.20%0.40%
09/19/2017 08:30Export Price Index YoYAug0.80%
09/20/2017 07:00MBA Mortgage Applications15-Sep9.90%
09/20/2017 10:00Existing Home SalesAug5.46m5.44m
09/20/2017 10:00Existing Home Sales MoMAug0.40%-1.30%
09/20/2017 14:00FOMC Rate Decision (Upper Bound)20-Sep1.25%1.25%
09/20/2017 14:00FOMC Rate Decision (Lower Bound)20-Sep1.00%1.00%
09/21/2017 08:30Initial Jobless Claims16-Sep300k284k
09/21/2017 08:30Continuing Claims9-Sep1944k
09/21/2017 08:30Philadelphia Fed Business OutlookSep16.618.9
09/21/2017 09:00FHFA House Price Index MoMJul0.10%
09/21/2017 09:45Bloomberg Consumer Comfort17-Sep51.9
09/21/2017 09:45Bloomberg Economic ExpectationsSep54
09/21/2017 10:00Leading IndexAug0.20%0.30%
09/21/2017 12:00Household Change in Net Worth2Q$2347b
09/22/2017 09:45Markit US Manufacturing PMISep P5352.8
09/22/2017 09:45Markit US Services PMISep P55.756
09/22/2017 09:45Markit US Composite PMISep P55.3