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

Date Event Survey Actual Prior Revised
9/15/20 Empire Manufacturing 6.9 17 3.7 —
9/15/20 Import Price Index MoM 0.50% 0.90% 0.70% 1.20%
9/15/20 Import Price Index ex Petroleum MoM 0.30% 0.70% 0.20% —
9/15/20 Import Price Index YoY -2.10% -1.40% -3.30% -2.80%
9/15/20 Export Price Index MoM 0.40% 0.50% 0.80% 0.90%
9/15/20 Export Price Index YoY -3.20% -2.80% -4.40% -3.80%
9/15/20 Industrial Production MoM 1.00% 0.40% 3.00% 3.50%
9/15/20 Capacity Utilization 71.40% 71.40% 70.60% 71.10%
9/15/20 Manufacturing (SIC) Production 1.30% 1.00% 3.40% 3.90%
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 1.00% — 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 —
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 1517k — 1495k 1483k
9/17/20 Building Permits MoM 2.30% — 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 83.1 — 82.9 —
9/18/20 U. of Mich. Expectations 67.2 — 68.5 —
9/18/20 U. of Mich. 1 Yr Inflation 3.00% — 3.10% —
9/18/20 U. of Mich. 5-10 Yr Inflation — — 2.70% —

 

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