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

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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