April 9, 2020 Headlines

Equity futures were lower in the overnight session but have rebounded this morning following the Fed’s announcement of an additional $2.3 trillion of lending support. The central bank will expand facilities for corporate, municipal, and asset-backed debt, as well as establish additional support for small and mid-sized businesses. The latter includes the creation of a $600 billion Main Street Lending Program, which will purchase eligible loans for companies up to 10,000 employees or $2.5 billion in annual revenue (loans sizes may range from $1 million to $150 million). A new $500 billion municipal facility is also being created to purchase short-term notes from states and counties with more than 2 million residents and municipalities with more than 1 million residents. Any facilities that involve credit risk will continue to be capitalized by the Treasury Department to absorb any potential losses. In short, the Fed is doing everything in its power to ensure that a healthcare crisis doesn’t become a credit crisis while the economy is on lockdown. Fed Chair Jerome Powell will be participating in Brookings Institute webinar this morning.

Jason Haley
Chief Investment Officer

Date	Event	Survey	Actual	Prior	Revised
4/9/2020	PPI Final Demand MoM	-0.40%	-0.20%	-0.60%	—
4/9/2020	PPI Ex Food and Energy MoM	0.00%	0.20%	-0.30%	—
4/9/2020	PPI Ex Food, Energy, Trade MoM	0.00%	-0.20%	-0.10%	—
4/9/2020	PPI Final Demand YoY	0.50%	0.70%	1.30%	—
4/9/2020	PPI Ex Food and Energy YoY	1.20%	1.40%	1.40%	—
4/9/2020	PPI Ex Food, Energy, Trade YoY	1.30%	1.00%	1.40%	—
4/9/2020	Initial Jobless Claims	5500k	6606k	6648k	6867k
4/9/2020	Continuing Claims	8236k	7455k	3029k	3059k
4/9/2020	Wholesale Inventories MoM	-0.50%	—	-0.50%	—
4/9/2020	Wholesale Trade Sales MoM	—	—	1.60%	—
4/9/2020	U. of Mich. Sentiment	75	—	89.1	—
4/9/2020	U. of Mich. Current Conditions	84.1	—	103.7	—
4/9/2020	U. of Mich. Expectations	60.7	—	79.7	—
4/9/2020	U. of Mich. 1 Yr Inflation	—	—	2.20%	—
4/9/2020	U. of Mich. 5-10 Yr Inflation	—	—	2.30%	—

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