September 17, 2020 Headlines

Treasury yields are lower this morning while equities open in the red as concerns over fiscal stimulus weighed on investor sentiment. The FOMC statement from yesterday provided explicit forward guidance. Stating that the central bank will keep rates at zero until the labor market reaches maximum employment. Additionally, they will hold rates steady until inflations “has risen” to 2% and “is on track” to exceed 2% for some time. The Fed’s statement also added Average Inflation Targeting (AIT) to its guidance.

Hafizan Hamzah
Director, Investment Management Group

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 Applications-2.50%2.90%
9/16/20Retail Sales Advance MoM1.00%0.60%1.20%0.90%
9/16/20Retail Sales Ex Auto MoM1.00%0.70%1.90%1.30%
9/16/20Retail Sales Ex Auto and Gas0.90%0.70%1.50%1.10%
9/16/20Retail Sales Control Group0.30%-0.10%1.40%0.90%
9/16/20Business Inventories0.10%0.10%-1.10%
9/16/20NAHB Housing Market Index788378
9/16/20FOMC Rate Decision (Upper Bound)0.25%0.25%0.25%
9/16/20FOMC Rate Decision (Lower Bound)0.00%0.00%0.00%
9/16/20Interest Rate on Excess Reserves0.10%0.10%0.10%
9/16/20Net Long-term TIC Flows$10.8b$113.0b
9/16/20Total Net TIC Flows-$88.7b-$67.9b-$69.8b
9/17/20Initial Jobless Claims850k860k884k893k
9/17/20Continuing Claims13000k12628k13385k13544k
9/17/20Housing Starts1488k1416k1496k1492k
9/17/20Housing Starts MoM-0.60%-5.10%22.60%17.90%
9/17/20Building Permits1512k1470k1495k1483k
9/17/20Building Permits MoM2.00%-0.90%18.80%17.90%
9/17/20Philadelphia Fed Business Outlook151517.2
9/17/20Bloomberg Economic Expectations41.538
9/17/20Bloomberg Consumer Comfort47.747.8
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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