Succinct Summations for the week ending March 27th, 2020

Positives:

1. We have a $2 trillion stimulus plan deal; markets rally;
2. Corporate profits rose 4.1% y/o/y, above previous measures.
3. Durable goods orders rose 1.2% m/o/m, above expectations;
4. New home sales came in at 765k for February above expectations;
5. Personal income rose 0.6% m/o/m, above expectations;
6. International trade gap narrowed to $-59.9B in Feb.

Negatives:

1. US now leads the world in Covid-19 infections; Still no war powers act, despite massive shortage of protective medical gear and ventilators. THS IS VERY BAD
2. Jobless claims increased by nearly 3m w/o/w from 282k to 3.3M.
3. FHFA House Price Index rose 0.3% m/o/m, below previous levels;
4. Home mortgage apps fell 15.0% w/o/w, below last month;
5. Wholesale inventories fell 0.5% m/o/m, below last month;
6. Retail inventories fell 0.3% m/o/m, below expectations;
7. Consumer sentiment is at 89.1 for March, below expectations;

Thanks, Matt