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 10th.

Chris Eckhoff
Associate, Investment Management Group

9/23/2019Chicago Fed Nat Activity Index-0.030.1-0.36-0.41
9/23/2019Markit US Manufacturing PMI50.45150.3
9/23/2019Markit US Services PMI51.450.950.7
9/23/2019Markit US Composite PMI5150.7
9/24/2019FHFA House Price Index MoM0.30%0.20%
9/24/2019S&P CoreLogic CS 20-City MoM SA0.10%0.04%
9/24/2019S&P CoreLogic CS 20-City YoY NSA2.10%2.13%
9/24/2019S&P CoreLogic CS 20-City NSA Index217.65
9/24/2019S&P CoreLogic CS US HPI YoY NSA2.90%3.13%
9/24/2019S&P CoreLogic CS US HPI NSA Index210.71
9/24/2019Richmond Fed Manufact. Index11
9/24/2019Conf. Board Consumer Confidence133135.1
9/24/2019Conf. Board Present Situation177.2
9/24/2019Conf. Board Expectations107
9/25/2019MBA Mortgage Applications-0.10%
9/25/2019New Home Sales656k635k
9/25/2019New Home Sales MoM3.20%-12.80%
9/26/2019GDP Annualized QoQ2.00%2.00%
9/26/2019Personal Consumption4.70%4.70%
9/26/2019GDP Price Index2.40%2.40%
9/26/2019Core PCE QoQ1.70%1.70%
9/26/2019Advance Goods Trade Balance-$73.5b-$72.3b
9/26/2019Retail Inventories MoM0.10%0.80%0.80%
9/26/2019Wholesale Inventories MoM0.10%0.20%
9/26/2019Initial Jobless Claims211k208k
9/26/2019Continuing Claims1666k1661k
9/26/2019Bloomberg Consumer Comfort62.7
9/26/2019Pending Home Sales MoM1.00%-2.50%
9/26/2019Pending Home Sales NSA YoY1.40%1.70%
9/26/2019Kansas City Fed Manf. Activity-4-6
9/27/2019Personal Income0.40%0.10%
9/27/2019Durable Goods Orders-1.10%2.00%
9/27/2019Personal Spending0.30%0.60%
9/27/2019Durables Ex Transportation0.20%-0.40%
9/27/2019Real Personal Spending0.20%0.40%
9/27/2019Cap Goods Orders Nondef Ex Air0.00%0.20%
9/27/2019PCE Deflator MoM0.10%0.20%
9/27/2019Cap Goods Ship Nondef Ex Air0.30%-0.60%
9/27/2019PCE Deflator YoY1.40%1.40%
9/27/2019PCE Core Deflator MoM0.20%0.20%
9/27/2019PCE Core Deflator YoY1.80%1.60%
9/27/2019U. of Mich. Sentiment9292
9/27/2019U. of Mich. Current Conditions106.9
9/27/2019U. of Mich. Expectations82.4
9/27/2019U. of Mich. 1 Yr Inflation2.80%
9/27/2019U. of Mich. 5-10 Yr Inflation2.30%
9/30/2019MNI Chicago PMI5050.4
9/30/2019Dallas Fed Manf. Activity1.52.7










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