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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