September 23, 2019 Headlines

US Treasuries are stronger this morning as manufacturing and service data from Europe’s core economies missed estimates. In Germany, the PMI reading fell to 49.1 which represents an 83- month low and signals a contraction in the manufacturing sector. A PMI number above 50 represents an expansion and a reading below, a contraction; with the further away from 50 showing the level of change. While the European Central Bank started a new stimulus package for the zone earlier this month, the German government has so far avoided calls to add its own fiscal support. Last week, the New York Fed conducted repo operations in order to ensure stability in the overnight funding markets. While officials debate the need to expand the Federal Reserve’s balance sheet, it was announced that repo operations will now extend to October 10^th.

Chris Eckhoff
Associate, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
9/23/2019	Chicago Fed Nat Activity Index	-0.03	0.1	-0.36	-0.41
9/23/2019	Markit US Manufacturing PMI	50.4	51	50.3	—
9/23/2019	Markit US Services PMI	51.4	50.9	50.7	—
9/23/2019	Markit US Composite PMI	—	51	50.7	—
9/24/2019	FHFA House Price Index MoM	0.30%	—	0.20%	—
9/24/2019	S&P CoreLogic CS 20-City MoM SA	0.10%	—	0.04%	—
9/24/2019	S&P CoreLogic CS 20-City YoY NSA	2.10%	—	2.13%	—
9/24/2019	S&P CoreLogic CS 20-City NSA Index	—	—	217.65	—
9/24/2019	S&P CoreLogic CS US HPI YoY NSA	2.90%	—	3.13%	—
9/24/2019	S&P CoreLogic CS US HPI NSA Index	—	—	210.71	—
9/24/2019	Richmond Fed Manufact. Index	1	—	1	—
9/24/2019	Conf. Board Consumer Confidence	133	—	135.1	—
9/24/2019	Conf. Board Present Situation	—	—	177.2	—
9/24/2019	Conf. Board Expectations	—	—	107	—
9/25/2019	MBA Mortgage Applications	—	—	-0.10%	—
9/25/2019	New Home Sales	656k	—	635k	—
9/25/2019	New Home Sales MoM	3.20%	—	-12.80%	—
9/26/2019	GDP Annualized QoQ	2.00%	—	2.00%	—
9/26/2019	Personal Consumption	4.70%	—	4.70%	—
9/26/2019	GDP Price Index	2.40%	—	2.40%	—
9/26/2019	Core PCE QoQ	1.70%	—	1.70%	—
9/26/2019	Advance Goods Trade Balance	-$73.5b	—	-$72.3b	—
9/26/2019	Retail Inventories MoM	0.10%	—	0.80%	0.80%
9/26/2019	Wholesale Inventories MoM	0.10%	—	0.20%	—
9/26/2019	Initial Jobless Claims	211k	—	208k	—
9/26/2019	Continuing Claims	1666k	—	1661k	—
9/26/2019	Bloomberg Consumer Comfort	—	—	62.7	—
9/26/2019	Pending Home Sales MoM	1.00%	—	-2.50%	—
9/26/2019	Pending Home Sales NSA YoY	1.40%	—	1.70%	—
9/26/2019	Kansas City Fed Manf. Activity	-4	—	-6	—
9/27/2019	Personal Income	0.40%	—	0.10%	—
9/27/2019	Durable Goods Orders	-1.10%	—	2.00%	—
9/27/2019	Personal Spending	0.30%	—	0.60%	—
9/27/2019	Durables Ex Transportation	0.20%	—	-0.40%	—
9/27/2019	Real Personal Spending	0.20%	—	0.40%	—
9/27/2019	Cap Goods Orders Nondef Ex Air	0.00%	—	0.20%	—
9/27/2019	PCE Deflator MoM	0.10%	—	0.20%	—
9/27/2019	Cap Goods Ship Nondef Ex Air	0.30%	—	-0.60%	—
9/27/2019	PCE Deflator YoY	1.40%	—	1.40%	—
9/27/2019	PCE Core Deflator MoM	0.20%	—	0.20%	—
9/27/2019	PCE Core Deflator YoY	1.80%	—	1.60%	—
9/27/2019	U. of Mich. Sentiment	92	—	92	—
9/27/2019	U. of Mich. Current Conditions	—	—	106.9	—
9/27/2019	U. of Mich. Expectations	—	—	82.4	—
9/27/2019	U. of Mich. 1 Yr Inflation	—	—	2.80%	—
9/27/2019	U. of Mich. 5-10 Yr Inflation	—	—	2.30%	—
9/30/2019	MNI Chicago PMI	50	—	50.4	—
9/30/2019	Dallas Fed Manf. Activity	1.5	—	2.7	—

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