September 25, 2023 Headlines

Treasuries are selling off this morning as “higher-for-longer” talk weighs on bonds. The belly and long-end of the curve are 4 to 8 bps higher with the 10-year hitting a new post-crisis high of 4.50%. Comments from Boston Fed President Collins and Fed Governor Bowman spurred the sell-off. Today’s calendar is light but picks up tomorrow with new home sales data and GDP on Thursday.

Hafizan Hamzah
Senior Director, Investment Management Group

09/25/23Chicago Fed Nat Activity Index0.1-
09/25/23Dallas Fed Manf. Activity-13-17.2
09/26/23Philadelphia Fed Non-Manufacturing Activity-13.1
09/26/23Bloomberg Sept. United States Economic Survey
09/26/23FHFA House Price Index MoM0.40%0.30%
09/26/23S&P CoreLogic CS 20-City MoM SA0.70%0.92%
09/26/23S&P CoreLogic CS 20-City YoY NSA-0.04%-1.17%
09/26/23S&P CoreLogic CS US HPI YoY NSA-0.02%
09/26/23New Home Sales698k714k
09/26/23New Home Sales MoM-2.20%4.40%
09/26/23Conf. Board Consumer Confidence105.5106.1
09/26/23Conf. Board Present Situation144.8
09/26/23Conf. Board Expectations80.2
09/26/23Richmond Fed Manufact. Index-7-7
09/26/23Richmond Fed Business Conditions1
09/26/23Dallas Fed Services Activity-2.7
09/27/23MBA Mortgage Applications5.40%
09/27/23Durable Goods Orders-0.50%-5.20%
09/27/23Durables Ex Transportation0.20%0.40%
09/27/23Cap Goods Orders Nondef Ex Air0.10%0.10%
09/27/23Cap Goods Ship Nondef Ex Air0.00%-0.30%
09/28/23Revisions: GDP/National Economic Accounts
09/28/23GDP Annualized QoQ2.20%2.10%
09/28/23Personal Consumption1.70%1.70%
09/28/23GDP Price Index2.00%2.00%
09/28/23Core PCE Price Index QoQ3.70%3.70%
09/28/23Initial Jobless Claims215k201k
09/28/23Continuing Claims1678k1662k
09/28/23Pending Home Sales MoM-1.00%0.90%
09/28/23Pending Home Sales NSA YoY-13.80%
09/28/23Kansas City Fed Manf. Activity-20
09/29/23Advance Goods Trade Balance-$91.3b-$91.2b-$90.9b
09/29/23Wholesale Inventories MoM-0.20%-0.20%
09/29/23Retail Inventories MoM0.50%0.30%
09/29/23Personal Income0.40%0.20%
09/29/23Personal Spending0.50%0.80%
09/29/23Real Personal Spending0.00%0.60%
09/29/23PCE Deflator MoM0.50%0.20%
09/29/23PCE Deflator YoY3.50%3.30%
09/29/23PCE Core Deflator MoM0.20%0.20%
09/29/23PCE Core Deflator YoY3.90%4.20%
09/29/23MNI Chicago PMI47.648.7
09/29/23U. of Mich. Sentiment67.767.7
09/29/23U. of Mich. Current Conditions69.8
09/29/23U. of Mich. Expectations66.3
09/29/23U. of Mich. 1 Yr Inflation3.10%
09/29/23U. of Mich. 5-10 Yr Inflation2.80%2.70%
09/29/23Kansas City Fed Services Activity-1

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