September 18, 2020 Headlines

Treasury yields are slightly lower across much of the curve following another quiet overnight session, and U.S. equity futures are little changed ahead of the open. The Financial Times is reporting that Moderna could have to wait until as late as December to analyze data from its Covid-19 vaccine trial, which conflicts with a more optimistic timeline from the White House. Walmart announced it is raising wages for 165,000 employees, which equates to 11% of the company’s U.S. workforce. St. Louis Fed President Jim Bullard is speaking this morning on challenges of the Covid recovery, and Minneapolis Fed President Neel Kashkari will discuss the market premise of “too big to fail” at an event hosted by the Council of Institutional Investors.

Jason Haley
Chief Investment Officer

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-$170.5b-$104.2b-$111.5b
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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