Treasury yields are higher again this morning in near-parallel fashion across the curve, with the 10-year yield approaching the recent 8-year high of 3.11% reached in May (currently 3.09%). Despite the increase in long-end yields, S&P 500 futures are up 12 points on Bloomberg reporting that China is planning to cut average tariff rates on imports from the majority of its trading partners as soon as next month. However, it was not clear if the planned cuts would affect imports from the United States. Trade negotiations with Canada are ongoing to reach a new NAFTA agreement, but no deal is expected this week according to news reports. August existing home sales data will be released later this morning, and market participants will be looking to see whether the recent softness in the index was more of an anomaly or a new trend amid declining affordability for many U.S. markets.

Jason Haley
Managing Director, Investment Management Group

Date TimeEventSurveyActualPriorRevised
09/17/2018Empire Manufacturing231925.6
09/18/2018NAHB Housing Market Index666767
09/18/2018Total Net TIC Flows$46.0b$52.2b$114.5b$189.7b
09/18/2018Net Long-term TIC Flows$74.8b-$36.5b
09/19/2018MBA Mortgage Applications1.60%-1.80%
09/19/2018Current Account Balance-$103.4b-$101.5b-$124.1b-$121.7b
09/19/2018Housing Starts1240k1282k1168k1174k
09/19/2018Housing Starts MoM5.70%9.20%0.90%-0.30%
09/19/2018Building Permits1310k1229k1311k1303k
09/19/2018Building Permits MoM0.50%-5.70%1.50%0.90%
09/20/2018Philadelphia Fed Business Outlook1822.911.9
09/20/2018Initial Jobless Claims210k201k204k
09/20/2018Continuing Claims1705k1645k1696k
09/20/2018Bloomberg Economic Expectations57
09/20/2018Bloomberg Consumer Comfort59
09/20/2018Leading Index0.50%0.60%
09/20/2018Existing Home Sales5.37m5.34m
09/20/2018Existing Home Sales MoM0.50%-0.70%
09/20/2018Household Change in Net Worth$1028b
09/21/2018Markit US Manufacturing PMI5554.7
09/21/2018Markit US Services PMI5554.8
09/21/2018Markit US Composite PMI54.7