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

03/29/21Dallas Fed Manf. Activity16.828.917.2
03/30/21FHFA House Price Index MoM1.20%1.00%1.10%1.20%
03/30/21S&P CoreLogic CS 20-City MoM SA1.20%1.20%1.25%1.30%
03/30/21S&P CoreLogic CS 20-City YoY NSA11.20%11.10%10.10%10.17%
03/30/21S&P CoreLogic CS US HPI YoY NSA10.50%11.22%10.37%10.41%
03/30/21Conf. Board Consumer Confidence96.9109.791.390.4
03/30/21Conf. Board Present Situation1109289.6
03/30/21Conf. Board Expectations109.690.890.9
03/31/21MBA Mortgage Applications-2.20%-2.50%
03/31/21ADP Employment Change550k517k117k176k
03/31/21MNI Chicago PMI6166.359.5
03/31/21Pending Home Sales MoM-3.00%-10.60%-2.80%-2.40%
03/31/21Pending Home Sales NSA YoY6.50%-2.70%8.20%8.80%
04/01/21Challenger Job Cuts YoY-86.20%-39.10%
04/01/21Revisions: Initial and Continued Claims
04/01/21Initial Jobless Claims675k719k684k658k
04/01/21Continuing Claims3750k3794k3870k3840k
04/01/21Langer Consumer Comfort49.1
04/01/21Markit US Manufacturing PMI59.159
04/01/21Construction Spending MoM-1.00%1.70%
04/01/21ISM Manufacturing61.560.8
04/01/21ISM Prices Paid8586
04/01/21ISM New Orders6764.8
04/01/21ISM Employment54.4
04/01/21Wards Total Vehicle Sales16.40m15.67m
04/02/21Change in Nonfarm Payrolls650k379k
04/02/21Two-Month Payroll Net Revision38k
04/02/21Change in Private Payrolls640k465k
04/02/21Change in Manufact. Payrolls35k21k
04/02/21Unemployment Rate6.00%6.20%
04/02/21Average Hourly Earnings MoM0.10%0.20%
04/02/21Average Hourly Earnings YoY4.50%5.30%
04/02/21Average Weekly Hours All Employees34.734.6
04/02/21Labor Force Participation Rate61.50%61.40%
04/02/21Underemployment Rate11.10%

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