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 Time | Event | Survey | Actual | Prior | Revised | |
| 09/15/2017 08:30 | Empire Manufacturing | Sep | 18 | 24.4 | 25.2 | — |
| 09/15/2017 08:30 | Retail Sales Advance MoM | Aug | 0.10% | -0.20% | 0.60% | 0.30% |
| 09/15/2017 08:30 | Retail Sales Ex Auto MoM | Aug | 0.50% | 0.20% | 0.50% | 0.40% |
| 09/15/2017 08:30 | Retail Sales Ex Auto and Gas | Aug | 0.30% | -0.10% | 0.50% | — |
| 09/15/2017 08:30 | Retail Sales Control Group | Aug | 0.20% | -0.20% | 0.60% | — |
| 09/15/2017 09:15 | Industrial Production MoM | Aug | 0.10% | -0.90% | 0.20% | 0.40% |
| 09/15/2017 09:15 | Capacity Utilization | Aug | 76.70% | 76.10% | 76.70% | 76.90% |
| 09/15/2017 09:15 | Manufacturing (SIC) Production | Aug | 0.30% | -0.30% | -0.10% | 0.00% |
| 09/15/2017 10:00 | U. of Mich. Sentiment | Sep P | 95 | 95.3 | 96.8 | — |
| 09/15/2017 10:00 | U. of Mich. Current Conditions | Sep P | 108 | 113.9 | 110.9 | — |
| 09/15/2017 10:00 | U. of Mich. Expectations | Sep P | 83 | 83.4 | 87.7 | — |
| 09/15/2017 10:00 | U. of Mich. 1 Yr Inflation | Sep P | — | 2.70% | 2.60% | — |
| 09/15/2017 10:00 | U. of Mich. 5-10 Yr Inflation | Sep P | — | 2.60% | 2.50% | — |
| 09/15/2017 10:00 | Business Inventories | Jul | 0.20% | 0.20% | 0.50% | — |
| 09/18/2017 10:00 | NAHB Housing Market Index | Sep | 67 | — | 68 | — |
| 09/18/2017 16:00 | Total Net TIC Flows | Jul | — | — | $7.7b | — |
| 09/18/2017 16:00 | Net Long-term TIC Flows | Jul | — | — | $34.4b | — |
| 09/19/2017 08:30 | Housing Starts | Aug | 1175k | — | 1155k | — |
| 09/19/2017 08:30 | Housing Starts MoM | Aug | 1.70% | — | -4.80% | — |
| 09/19/2017 08:30 | Building Permits | Aug | 1220k | — | 1223k | 1230k |
| 09/19/2017 08:30 | Building Permits MoM | Aug | -0.80% | — | -4.10% | -3.50% |
| 09/19/2017 08:30 | Current Account Balance | 2Q | -$112.4b | — | -$116.8b | — |
| 09/19/2017 08:30 | Import Price Index MoM | Aug | 0.40% | — | 0.10% | — |
| 09/19/2017 08:30 | Import Price Index ex Petroleum MoM | Aug | — | — | 0.00% | — |
| 09/19/2017 08:30 | Import Price Index YoY | Aug | 2.20% | — | 1.50% | — |
| 09/19/2017 08:30 | Export Price Index MoM | Aug | 0.20% | — | 0.40% | — |
| 09/19/2017 08:30 | Export Price Index YoY | Aug | — | — | 0.80% | — |
| 09/20/2017 07:00 | MBA Mortgage Applications | 15-Sep | — | — | 9.90% | — |
| 09/20/2017 10:00 | Existing Home Sales | Aug | 5.46m | — | 5.44m | — |
| 09/20/2017 10:00 | Existing Home Sales MoM | Aug | 0.40% | — | -1.30% | — |
| 09/20/2017 14:00 | FOMC Rate Decision (Upper Bound) | 20-Sep | 1.25% | — | 1.25% | — |
| 09/20/2017 14:00 | FOMC Rate Decision (Lower Bound) | 20-Sep | 1.00% | — | 1.00% | — |
| 09/21/2017 08:30 | Initial Jobless Claims | 16-Sep | 300k | — | 284k | — |
| 09/21/2017 08:30 | Continuing Claims | 9-Sep | — | — | 1944k | — |
| 09/21/2017 08:30 | Philadelphia Fed Business Outlook | Sep | 16.6 | — | 18.9 | — |
| 09/21/2017 09:00 | FHFA House Price Index MoM | Jul | — | — | 0.10% | — |
| 09/21/2017 09:45 | Bloomberg Consumer Comfort | 17-Sep | — | — | 51.9 | — |
| 09/21/2017 09:45 | Bloomberg Economic Expectations | Sep | — | — | 54 | — |
| 09/21/2017 10:00 | Leading Index | Aug | 0.20% | — | 0.30% | — |
| 09/21/2017 12:00 | Household Change in Net Worth | 2Q | — | — | $2347b | — |
| 09/22/2017 09:45 | Markit US Manufacturing PMI | Sep P | 53 | — | 52.8 | — |
| 09/22/2017 09:45 | Markit US Services PMI | Sep P | 55.7 | — | 56 | — |
| 09/22/2017 09:45 | Markit US Composite PMI | Sep P | — | — | 55.3 | — |