April 9, 2021 Headlines

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

04/05/21Markit US Services PMI60.260.460
04/05/21Markit US Composite PMI59.759.1
04/05/21ISM Services Index5963.755.3
04/05/21Factory Orders-0.50%-0.80%2.60%2.70%
04/05/21Factory Orders Ex Trans-1.10%-0.60%1.70%1.80%
04/05/21Durable Goods Orders-1.10%-1.20%-1.10%
04/05/21Durables Ex Transportation-0.90%-0.90%-0.90%
04/05/21Cap Goods Orders Nondef Ex Air-0.80%-0.90%-0.80%
04/05/21Cap Goods Ship Nondef Ex Air-1.10%-1.00%
04/06/21JOLTS Job Openings6900736769177099
04/07/21MBA Mortgage Applications-5.10%-2.20%
04/07/21Trade Balance-$70.5b-$71.1b-$68.2b-$67.8b
04/07/21FOMC Meeting Minutes
04/07/21Consumer Credit$2.800b$27.578b-$1.315b$0.094b
04/08/21Initial Jobless Claims680k744k719k728k
04/08/21Continuing Claims3638k3734k3794k3750k
04/08/21Langer Consumer Comfort51.950
04/09/21U.S. Producer Price Index report delayed
04/09/21PPI Final Demand MoM0.50%0.50%
04/09/21PPI Ex Food and Energy MoM0.20%0.20%
04/09/21PPI Ex Food, Energy, Trade MoM0.20%0.20%
04/09/21PPI Final Demand YoY3.80%2.80%
04/09/21PPI Ex Food and Energy YoY2.70%2.50%
04/09/21PPI Ex Food, Energy, Trade YoY2.70%2.20%
04/09/21Bloomberg April United States Economic Survey
04/09/21Wholesale Inventories MoM0.50%0.50%
04/09/21Wholesale Trade Sales MoM4.90%

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