August 12, 2021 Headlines

US Treasury yields traded sideways in the overnight session on light volumes with limited follow-through from yesterday’s rally. A strong 10-year auction and softer than expected CPI data initially pushed 10-year yields down to 1.33% at the NY close. The July inflation report showed Core CPI, which excludes more volatile food and energy costs, rose 0.3% MoM or 0.1% less than expected. The headline CPI figure matched the median forecast at 0.5% MoM.

Chris Eckhoff
Associate, Investment Management Group

Date	Event	Surv(M)	Actual	Prior	Revised
08/09/21	JOLTS Job Openings	9270k	10073k	9209k	9483k
08/10/21	NFIB Small Business Optimism	102	99.7	102.5	—
08/10/21	Nonfarm Productivity	3.20%	2.30%	5.40%	4.30%
08/10/21	Unit Labor Costs	1.00%	1.00%	1.70%	-2.80%
08/11/21	MBA Mortgage Applications	—	2.80%	-1.70%	—
08/11/21	CPI MoM	0.50%	0.50%	0.90%	—
08/11/21	CPI Ex Food and Energy MoM	0.40%	0.30%	0.90%	—
08/11/21	CPI YoY	5.30%	5.40%	5.40%	—
08/11/21	CPI Ex Food and Energy YoY	4.30%	4.30%	4.50%	—
08/11/21	CPI Index NSA	272.937	273.003	271.696	—
08/11/21	CPI Core Index SA	279.45	279.054	278.14	—
08/11/21	Real Avg Weekly Earnings YoY	—	-0.70%	-1.40%	-1.00%
08/11/21	Real Avg Hourly Earning YoY	—	-1.20%	-1.70%	-1.60%
08/11/21	Monthly Budget Statement	-$294.0b	-$302.1b	-$63.0b	—
08/12/21	Initial Jobless Claims	375k	375k	385k	387k
08/12/21	Continuing Claims	2900k	2866k	2930k	2980k
08/12/21	PPI Final Demand MoM	0.60%	1.00%	1.00%	—
08/12/21	PPI Ex Food and Energy MoM	0.50%	1.00%	1.00%	—
08/12/21	PPI Ex Food, Energy, Trade MoM	0.50%	0.90%	0.50%	—
08/12/21	PPI Final Demand YoY	7.20%	7.80%	7.30%	—
08/12/21	PPI Ex Food and Energy YoY	5.60%	6.20%	5.60%	—
08/12/21	PPI Ex Food, Energy, Trade YoY	5.70%	6.10%	5.50%	—
08/12/21	Langer Consumer Comfort	—	54.6	53.3	—
08/13/21	Import Price Index MoM	0.60%	—	1.00%	—
08/13/21	Import Price Index ex Petroleum MoM	0.50%	—	0.70%	—
08/13/21	Import Price Index YoY	10.50%	—	11.20%	—
08/13/21	Export Price Index MoM	0.80%	—	1.20%	—
08/13/21	Export Price Index YoY	—	—	16.80%	—
08/13/21	Bloomberg Aug. United States Economic Survey
08/13/21	U. of Mich. Sentiment	81.2	—	81.2	—
08/13/21	U. of Mich. Current Conditions	82	—	84.5	—
08/13/21	U. of Mich. Expectations	77.5	—	79	—
08/13/21	U. of Mich. 1 Yr Inflation	4.60%	—	4.70%	—
08/13/21	U. of Mich. 5-10 Yr Inflation	—	—	2.80%	—

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