| Today's Economy
High-Yield’s Response to M&A Differs From That of Investment-Grade In general, more upgrades noted for high-yield and more downgrades for investment-quality. Economic Roundup: U.S. Trade Deficit Narrows—Temporarily Factory orders increase, but the ISM disappoints. Argentina Central Bank Sharply Hikes Rate The move comes as pressure on the peso mounts. Final Thoughts Ahead of U.S. Employment We are cutting our forecast for the April jobs report. » VIEW MORE TODAY'S ECONOMY
Commentary
China Outlook: Managing Financial Risks The government maintains a stable policy while clamping down on financial risks. U.S. Chartbook: Behind the Economy's First Quarter Pullback Transitory and statistical factors weighed on growth, but fundamentals are sound. New Technologies Unlikely to Spur 1990s-Like Growth The absence of a sustained rise in the U.S. potential growth rate increases the odds of overheating. The North Korea Threat Abates The April summit between the North and South is progress, but be skeptical. » VIEW MORE COMMENTARY
Today's Economic Indicators
Euro Zone
Preliminary Consumer Price Index
Apr. 2018: 1.2%
Euro zone annual harmonized inflation slowed to 1.2% in April, from 1.3% in March, falling short of both our expectations and the consensus. United States
Challenger Report
Apr. 2018: 36,081
The second quarter started on a strong note. Brazil
Industrial Production
Mar. 2018: 4.5%
The national industry reaccelerated in March after some moderation in the previous few months. Chile
Retail & Wholesale Sales
Mar. 2018: 3.4%
Growth in Chile’s retail and wholesale sales index slowed for a second month, dropping to 3.4% in March. Canada
International Merchandise Trade
Mar. 2018: -C$ 4.14 bil
Canada's trade deficit widened in March, as the increase in imports exceeded the increase in exports. United States
Productivity and Costs
2018Q1: 0.7%
U.S. productivity growth was a mild disappointment in the first quarter, and the turn could take longer to come to fruition than we anticipate, implying that the economy’s underlying potential GDP growth rate won’t improve noticeably. United States
International Trade (FT900)
Mar. 2018: -$49.0 bil
The U.S. trade deficit narrowed substantially in March, from $8.8 billion to $49 billion. United States
Jobless Claims
April 28: 211,000
New filings continue to impress. United States
Factory Orders (M3)
Mar. 2018: 1.6%
Factory orders beat both the consensus expectations and our below-consensus projection in March, adding 1.6%. United States
St. Louis Fed Financial Stress Index
April 27: -1.04
Financial market stress tightened last week. United States
ISM Nonmanufacturing Index
Apr. 2018: 56.8
The survey-based data continues to soften as some of the boost from the tax legislation fades. United States
Natural Gas Storage Report
April 27: 62 bil cubic feet
Natural gas inventories rose by more than industry analysts were expecting, which will put downward pressure on prices. Chile
Monetary Policy
May. 2018:
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