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

9/9/2019Consumer Credit$16.000b$14.596b
9/10/2019NFIB Small Business Optimism103.5104.7
9/10/2019JOLTS Job Openings73317348
9/11/2019MBA Mortgage Applications-3.10%
9/11/2019PPI Final Demand MoM0.00%0.20%
9/11/2019PPI Ex Food and Energy MoM0.20%-0.10%
9/11/2019PPI Ex Food, Energy, Trade MoM0.20%-0.10%
9/11/2019PPI Final Demand YoY1.70%1.70%
9/11/2019PPI Ex Food and Energy YoY2.10%2.10%
9/11/2019PPI Ex Food, Energy, Trade YoY1.70%
9/11/2019Wholesale Trade Sales MoM0.50%-0.30%
9/11/2019Wholesale Inventories MoM0.20%0.20%
9/12/2019Real Avg Weekly Earnings YoY0.80%0.90%
9/12/2019Real Avg Hourly Earning YoY1.30%1.40%
9/12/2019CPI MoM0.10%0.30%
9/12/2019CPI Ex Food and Energy MoM0.20%0.30%
9/12/2019CPI YoY1.80%1.80%
9/12/2019CPI Ex Food and Energy YoY2.30%2.20%
9/12/2019CPI Core Index SA264.1263.569
9/12/2019CPI Index NSA256.577256.571
9/12/2019Initial Jobless Claims215k217k
9/12/2019Continuing Claims1675k1662k
9/12/2019Bloomberg Consumer Comfort63.4
9/12/2019Monthly Budget Statement-$190.0b-$119.7b
9/13/2019Import Price Index MoM-0.50%0.20%
9/13/2019Import Price Index ex Petroleum MoM-0.10%0.00%
9/13/2019Import Price Index YoY-2.00%-1.80%
9/13/2019Export Price Index MoM-0.30%0.20%
9/13/2019Export Price Index YoY-0.90%
9/13/2019Retail Sales Advance MoM0.20%0.70%
9/13/2019Retail Sales Ex Auto MoM0.10%1.00%
9/13/2019Retail Sales Ex Auto and Gas0.20%0.90%
9/13/2019Retail Sales Control Group0.30%1.00%
9/13/2019Bloomberg Sept. United States Economic Survey
9/13/2019U. of Mich. Sentiment90.789.8
9/13/2019U. of Mich. Current Conditions107.8105.3
9/13/2019U. of Mich. Expectations85.279.9
9/13/2019U. of Mich. 1 Yr Inflation2.70%
9/13/2019U. of Mich. 5-10 Yr Inflation2.60%
9/13/2019Business Inventories0.30%0.00%


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