September 15, 2020 Headlines

Treasury yields are drifting higher amid a modest risk-on tone in broad markets this morning, as well as continued heavy corporate issuance. S&P 500 futures are up 0.9% ahead of the open, feeding off positive momentum in European equities. Empire Manufacturing, which tracks activity in New York state, rose to 17.9 in September, more than double expectations (6.9) and up from 3.7 the prior month. In a separate report, U.S. industrial production was weaker than expected in August, rising just 0.4% over the month (1% expected) following a 3.5% increase in July.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
9/15/20Empire Manufacturing6.9173.7
9/15/20Import Price Index MoM0.50%0.90%0.70%1.20%
9/15/20Import Price Index ex Petroleum MoM0.30%0.70%0.20%
9/15/20Import Price Index YoY-2.10%-1.40%-3.30%-2.80%
9/15/20Export Price Index MoM0.40%0.50%0.80%0.90%
9/15/20Export Price Index YoY-3.20%-2.80%-4.40%-3.80%
9/15/20Industrial Production MoM1.00%0.40%3.00%3.50%
9/15/20Capacity Utilization71.40%71.40%70.60%71.10%
9/15/20Manufacturing (SIC) Production1.30%1.00%3.40%3.90%
9/16/20MBA Mortgage Applications2.90%
9/16/20Retail Sales Advance MoM1.00%1.20%
9/16/20Retail Sales Ex Auto MoM1.00%1.90%
9/16/20Retail Sales Ex Auto and Gas0.90%1.50%
9/16/20Retail Sales Control Group0.30%1.40%
9/16/20Business Inventories0.10%-1.10%
9/16/20NAHB Housing Market Index7878
9/16/20FOMC Rate Decision (Upper Bound)0.25%0.25%
9/16/20FOMC Rate Decision (Lower Bound)0.00%0.00%
9/16/20Interest Rate on Excess Reserves0.10%0.10%
9/16/20Net Long-term TIC Flows$113.0b
9/16/20Total Net TIC Flows-$67.9b
9/17/20Building Permits1517k1495k1483k
9/17/20Building Permits MoM2.30%18.80%17.90%
9/17/20Housing Starts1483k1496k
9/17/20Housing Starts MoM-0.90%22.60%
9/17/20Philadelphia Fed Business Outlook1517.2
9/17/20Initial Jobless Claims850k884k
9/17/20Continuing Claims13000k13385k
9/17/20Bloomberg Economic Expectations38
9/17/20Bloomberg Consumer Comfort47.8
9/18/20Current Account Balance-$160.0b-$104.2b
9/18/20Leading Index1.30%1.40%
9/18/20U. of Mich. Sentiment7574.1
9/18/20U. of Mich. Current Conditions83.182.9
9/18/20U. of Mich. Expectations67.268.5
9/18/20U. of Mich. 1 Yr Inflation3.00%3.10%
9/18/20U. of Mich. 5-10 Yr Inflation2.70%

 

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