September 9, 2019 Headlines

A relatively quiet news cycle over the weekend is boosting risk assets to open the week. S&P 500 futures are up 10 points, and Treasury yields are up 1-4 bps across the curve. On trade, Politico reported late Friday that Chinese officials submitted a “mini deal” where China would increase purchases of U.S. agricultural goods in exchange for delaying the 10/1 tariffs and easing restrictions on Huawei. The article also suggested that President Trump is considering delaying the 12/15 tariffs depending on how upcoming negotiations proceed.

This week’s calendar is headlined by Thursday’s ECB meeting, which is expected to result in a new asset purchase program to combat weaker growth and inflation data. The August CPI report will also be released on Thursday, and August retail sales data will be released on Friday. The September 18 FOMC meeting also looms on the near-term calendar.

Jason Haley
Managing Director, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
9/9/2019	Consumer Credit	$16.000b	—	$14.596b	—
9/10/2019	NFIB Small Business Optimism	103.5	—	104.7	—
9/10/2019	JOLTS Job Openings	7331	—	7348	—
9/11/2019	MBA Mortgage Applications	—	—	-3.10%	—
9/11/2019	PPI Final Demand MoM	0.00%	—	0.20%	—
9/11/2019	PPI Ex Food and Energy MoM	0.20%	—	-0.10%	—
9/11/2019	PPI Ex Food, Energy, Trade MoM	0.20%	—	-0.10%	—
9/11/2019	PPI Final Demand YoY	1.70%	—	1.70%	—
9/11/2019	PPI Ex Food and Energy YoY	2.10%	—	2.10%	—
9/11/2019	PPI Ex Food, Energy, Trade YoY	—	—	1.70%	—
9/11/2019	Wholesale Trade Sales MoM	0.50%	—	-0.30%	—
9/11/2019	Wholesale Inventories MoM	0.20%	—	0.20%	—
9/12/2019	Real Avg Weekly Earnings YoY	—	—	0.80%	0.90%
9/12/2019	Real Avg Hourly Earning YoY	—	—	1.30%	1.40%
9/12/2019	CPI MoM	0.10%	—	0.30%	—
9/12/2019	CPI Ex Food and Energy MoM	0.20%	—	0.30%	—
9/12/2019	CPI YoY	1.80%	—	1.80%	—
9/12/2019	CPI Ex Food and Energy YoY	2.30%	—	2.20%	—
9/12/2019	CPI Core Index SA	264.1	—	263.569	—
9/12/2019	CPI Index NSA	256.577	—	256.571	—
9/12/2019	Initial Jobless Claims	215k	—	217k	—
9/12/2019	Continuing Claims	1675k	—	1662k	—
9/12/2019	Bloomberg Consumer Comfort	—	—	63.4	—
9/12/2019	Monthly Budget Statement	-$190.0b	—	-$119.7b	—
9/13/2019	Import Price Index MoM	-0.50%	—	0.20%	—
9/13/2019	Import Price Index ex Petroleum MoM	-0.10%	—	0.00%	—
9/13/2019	Import Price Index YoY	-2.00%	—	-1.80%	—
9/13/2019	Export Price Index MoM	-0.30%	—	0.20%	—
9/13/2019	Export Price Index YoY	—	—	-0.90%	—
9/13/2019	Retail Sales Advance MoM	0.20%	—	0.70%	—
9/13/2019	Retail Sales Ex Auto MoM	0.10%	—	1.00%	—
9/13/2019	Retail Sales Ex Auto and Gas	0.20%	—	0.90%	—
9/13/2019	Retail Sales Control Group	0.30%	—	1.00%	—
9/13/2019	Bloomberg Sept. United States Economic Survey
9/13/2019	U. of Mich. Sentiment	90.7	—	89.8	—
9/13/2019	U. of Mich. Current Conditions	107.8	—	105.3	—
9/13/2019	U. of Mich. Expectations	85.2	—	79.9	—
9/13/2019	U. of Mich. 1 Yr Inflation	—	—	2.70%	—
9/13/2019	U. of Mich. 5-10 Yr Inflation	—	—	2.60%	—
9/13/2019	Business Inventories	0.30%	—	0.00%	—

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