April 1, 2021 Headlines

Treasury yields are lower and flatter to begin the first trading session of Q2, and today will be the last full trading day of the week given the Easter holiday schedule (early close tomorrow at 12pm EDT). President Biden announced a $2.25 trillion infrastructure plan including funding for roads and bridges, expanding broadband internet access, and research and development. This is expected to be the first of two such packages totaling $3-4 trillion. The second package is expected to be announced sometime this morning and focus on child care, healthcare, and education. The plan also includes tax hikes as part of an effort to mitigate the deficit impact, including a proposed increase in the corporate rate from 21% to 28%.

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
03/29/21 Dallas Fed Manf. Activity 16.8 28.9 17.2
03/30/21 FHFA House Price Index MoM 1.20% 1.00% 1.10% 1.20%
03/30/21 S&P CoreLogic CS 20-City MoM SA 1.20% 1.20% 1.25% 1.30%
03/30/21 S&P CoreLogic CS 20-City YoY NSA 11.20% 11.10% 10.10% 10.17%
03/30/21 S&P CoreLogic CS US HPI YoY NSA 10.50% 11.22% 10.37% 10.41%
03/30/21 Conf. Board Consumer Confidence 96.9 109.7 91.3 90.4
03/30/21 Conf. Board Present Situation 110 92 89.6
03/30/21 Conf. Board Expectations 109.6 90.8 90.9
03/31/21 MBA Mortgage Applications -2.20% -2.50%
03/31/21 ADP Employment Change 550k 517k 117k 176k
03/31/21 MNI Chicago PMI 61 66.3 59.5
03/31/21 Pending Home Sales MoM -3.00% -10.60% -2.80% -2.40%
03/31/21 Pending Home Sales NSA YoY 6.50% -2.70% 8.20% 8.80%
04/01/21 Challenger Job Cuts YoY -86.20% -39.10%
04/01/21 Revisions: Initial and Continued Claims
04/01/21 Initial Jobless Claims 675k 719k 684k 658k
04/01/21 Continuing Claims 3750k 3794k 3870k 3840k
04/01/21 Langer Consumer Comfort 49.1
04/01/21 Markit US Manufacturing PMI 59.1 59
04/01/21 Construction Spending MoM -1.00% 1.70%
04/01/21 ISM Manufacturing 61.5 60.8
04/01/21 ISM Prices Paid 85 86
04/01/21 ISM New Orders 67 64.8
04/01/21 ISM Employment 54.4
04/01/21 Wards Total Vehicle Sales 16.40m 15.67m
04/02/21 Change in Nonfarm Payrolls 650k 379k
04/02/21 Two-Month Payroll Net Revision 38k
04/02/21 Change in Private Payrolls 640k 465k
04/02/21 Change in Manufact. Payrolls 35k 21k
04/02/21 Unemployment Rate 6.00% 6.20%
04/02/21 Average Hourly Earnings MoM 0.10% 0.20%
04/02/21 Average Hourly Earnings YoY 4.50% 5.30%
04/02/21 Average Weekly Hours All Employees 34.7 34.6
04/02/21 Labor Force Participation Rate 61.50% 61.40%
04/02/21 Underemployment Rate 11.10%

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