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 Time | Event | Survey | Actual | Prior | Revised |
| 09/17/2018 | Empire Manufacturing | 23 | 19 | 25.6 | — |
| 09/18/2018 | NAHB Housing Market Index | 66 | 67 | 67 | — |
| 09/18/2018 | Total Net TIC Flows | $46.0b | $52.2b | $114.5b | $189.7b |
| 09/18/2018 | Net Long-term TIC Flows | — | $74.8b | -$36.5b | — |
| 09/19/2018 | MBA Mortgage Applications | — | 1.60% | -1.80% | — |
| 09/19/2018 | Current Account Balance | -$103.4b | -$101.5b | -$124.1b | -$121.7b |
| 09/19/2018 | Housing Starts | 1240k | 1282k | 1168k | 1174k |
| 09/19/2018 | Housing Starts MoM | 5.70% | 9.20% | 0.90% | -0.30% |
| 09/19/2018 | Building Permits | 1310k | 1229k | 1311k | 1303k |
| 09/19/2018 | Building Permits MoM | 0.50% | -5.70% | 1.50% | 0.90% |
| 09/20/2018 | Philadelphia Fed Business Outlook | 18 | 22.9 | 11.9 | — |
| 09/20/2018 | Initial Jobless Claims | 210k | 201k | 204k | — |
| 09/20/2018 | Continuing Claims | 1705k | 1645k | 1696k | — |
| 09/20/2018 | Bloomberg Economic Expectations | — | — | 57 | — |
| 09/20/2018 | Bloomberg Consumer Comfort | — | — | 59 | — |
| 09/20/2018 | Leading Index | 0.50% | — | 0.60% | — |
| 09/20/2018 | Existing Home Sales | 5.37m | — | 5.34m | — |
| 09/20/2018 | Existing Home Sales MoM | 0.50% | — | -0.70% | — |
| 09/20/2018 | Household Change in Net Worth | — | — | $1028b | — |
| 09/21/2018 | Markit US Manufacturing PMI | 55 | — | 54.7 | — |
| 09/21/2018 | Markit US Services PMI | 55 | — | 54.8 | — |
| 09/21/2018 | Markit US Composite PMI | — | — | 54.7 | — |