Higher than expected inflation readings from China contributed to lower Treasury yields overnight, and U.S. equity futures are little changed ahead of the open. The New York Fed announced that it will be adjusting its Treasury purchases going forward to make them more proportional to the outstanding supply of both Treasury coupon debt and Treasury Inflation Protected Securities (TIPS). The biggest changes is expected to be more purchases of 20-year coupon Treasuries, which saw 10x the average trading volume overnight following the announcement. Fed Chair Powell spoke yesterday and highlighted the “unevenness” of the recovery so far and the need for a “string of months” of strong jobs reports like March before considering policy tightening of any form. He reiterated that the Fed needs to see “actual progress” as opposed to forecasted progress, and he continued to talk down inflation risks as transitory.
Jason Haley
Chief Investment Officer
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 04/05/21 | Markit US Services PMI | 60.2 | 60.4 | 60 | — |
| 04/05/21 | Markit US Composite PMI | — | 59.7 | 59.1 | — |
| 04/05/21 | ISM Services Index | 59 | 63.7 | 55.3 | — |
| 04/05/21 | Factory Orders | -0.50% | -0.80% | 2.60% | 2.70% |
| 04/05/21 | Factory Orders Ex Trans | -1.10% | -0.60% | 1.70% | 1.80% |
| 04/05/21 | Durable Goods Orders | -1.10% | -1.20% | -1.10% | — |
| 04/05/21 | Durables Ex Transportation | -0.90% | -0.90% | -0.90% | — |
| 04/05/21 | Cap Goods Orders Nondef Ex Air | -0.80% | -0.90% | -0.80% | — |
| 04/05/21 | Cap Goods Ship Nondef Ex Air | — | -1.10% | -1.00% | — |
| 04/06/21 | JOLTS Job Openings | 6900 | 7367 | 6917 | 7099 |
| 04/07/21 | MBA Mortgage Applications | — | -5.10% | -2.20% | — |
| 04/07/21 | Trade Balance | -$70.5b | -$71.1b | -$68.2b | -$67.8b |
| 04/07/21 | FOMC Meeting Minutes | — | — | — | — |
| 04/07/21 | Consumer Credit | $2.800b | $27.578b | -$1.315b | $0.094b |
| 04/08/21 | Initial Jobless Claims | 680k | 744k | 719k | 728k |
| 04/08/21 | Continuing Claims | 3638k | 3734k | 3794k | 3750k |
| 04/08/21 | Langer Consumer Comfort | — | 51.9 | 50 | — |
| 04/09/21 | U.S. Producer Price Index report delayed | ||||
| 04/09/21 | PPI Final Demand MoM | 0.50% | — | 0.50% | — |
| 04/09/21 | PPI Ex Food and Energy MoM | 0.20% | — | 0.20% | — |
| 04/09/21 | PPI Ex Food, Energy, Trade MoM | 0.20% | — | 0.20% | — |
| 04/09/21 | PPI Final Demand YoY | 3.80% | — | 2.80% | — |
| 04/09/21 | PPI Ex Food and Energy YoY | 2.70% | — | 2.50% | — |
| 04/09/21 | PPI Ex Food, Energy, Trade YoY | 2.70% | — | 2.20% | — |
| 04/09/21 | Bloomberg April United States Economic Survey | ||||
| 04/09/21 | Wholesale Inventories MoM | 0.50% | — | 0.50% | — |
| 04/09/21 | Wholesale Trade Sales MoM | — | — | 4.90% | — |
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