August 11, 2020 Headlines

News that President Trump was considering cutting capital gains taxes sent stocks higher and Treasury prices lower. Risk assets were further lifted by strong economic data out of China as well as falling hospitalizations in California and New York.

Core PPI increased by 0.3% year over year, 0.1% higher than expected and the month over month change of 0.5% was the largest increase since 2018. The uptick points to a possible recovery in pricing power and a potential stabilization of the economy. The BLS will release July CPI tomorrow and the market is expecting an increase of 1.1% in core CPI year over year.

Hafizan Hamzah
Director, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
8/10/20	JOLTS Job Openings	5300	5889	5397	5371
8/11/20	NFIB Small Business Optimism	100.5	98.8	100.6	—
8/11/20	PPI Final Demand MoM	0.30%	0.60%	-0.20%	—
8/11/20	PPI Ex Food and Energy MoM	0.10%	0.50%	-0.30%	—
8/11/20	PPI Ex Food, Energy, Trade MoM	0.20%	0.30%	0.30%	—
8/11/20	PPI Final Demand YoY	-0.70%	-0.40%	-0.80%	—
8/11/20	PPI Ex Food and Energy YoY	0.00%	0.30%	0.10%	—
8/11/20	PPI Ex Food, Energy, Trade YoY	0.10%	0.10%	-0.10%	—
8/12/20	MBA Mortgage Applications	—	—	-5.10%	—
8/12/20	CPI MoM	0.30%	—	0.60%	—
8/12/20	CPI Ex Food and Energy MoM	0.20%	—	0.20%	—
8/12/20	CPI YoY	0.70%	—	0.60%	—
8/12/20	CPI Ex Food and Energy YoY	1.10%	—	1.20%	—
8/12/20	CPI Index NSA	258.543	—	257.797	—
8/12/20	CPI Core Index SA	266.585	—	266.065	—
8/12/20	Real Avg Weekly Earnings YoY	—	—	4.60%	4.70%
8/12/20	Real Avg Hourly Earning YoY	—	—	4.30%	4.10%
8/12/20	Monthly Budget Statement	-$137.5b	—	-$119.7b	—
8/13/20	Import Price Index MoM	0.60%	—	1.40%	—
8/13/20	Import Price Index ex Petroleum MoM	0.10%	—	0.30%	—
8/13/20	Import Price Index YoY	-3.10%	—	-3.80%	—
8/13/20	Export Price Index MoM	0.40%	—	1.40%	—
8/13/20	Export Price Index YoY	—	—	-4.40%	—
8/13/20	Initial Jobless Claims	1100k	—	1186k	—
8/13/20	Continuing Claims	15800k	—	16107k	—
8/13/20	Bloomberg Consumer Comfort	—	—	44.9	—
8/14/20	Retail Sales Advance MoM	2.00%	—	7.50%	—
8/14/20	Retail Sales Ex Auto MoM	1.30%	—	7.30%	—
8/14/20	Retail Sales Ex Auto and Gas	1.00%	—	6.70%	—
8/14/20	Retail Sales Control Group	0.80%	—	5.60%	—
8/14/20	Nonfarm Productivity	1.50%	—	-0.90%	—
8/14/20	Unit Labor Costs	7.20%	—	5.10%	—
8/14/20	Industrial Production MoM	3.00%	—	5.40%	—
8/14/20	Capacity Utilization	70.30%	—	68.60%	—
8/14/20	Manufacturing (SIC) Production	3.00%	—	7.20%	—
8/14/20	Bloomberg Aug. United States Economic Survey
8/14/20	Business Inventories	-1.10%	—	-2.30%	—
8/14/20	U. of Mich. Sentiment	72	—	72.5	—
8/14/20	U. of Mich. Current Conditions	82.5	—	82.8	—
8/14/20	U. of Mich. Expectations	65.6	—	65.9	—
8/14/20	U. of Mich. 1 Yr Inflation	—	—	3.00%	—
8/14/20	U. of Mich. 5-10 Yr Inflation	—	—	2.60%	—

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