Covid worries and supply chain issues are weighing on investor sentiment again this morning. Treasury yields are lower/flatter, and U.S. equity futures are down 55-90 basis points ahead of the open. Toyota announced that it will slash car production in September by 40% due to ongoing chip shortages. Yesterday’s FOMC minutes revealed that “most participants” feel that tapering will need to begin in 2021, but “several others” felt that a reduction in the pace of asset purchases was “more likely to become appropriate early next year.” The bigger question mark related to tapering will be the pace of purchase reductions (i.e., how many months will the reductions be spread out over?).
Chief Investment Officer
|8/19/2021||Initial Jobless Claims||364k||348k||375k||377k|
|8/19/2021||Philadelphia Fed Business Outlook||23.1||19.4||21.9||—|
|8/19/2021||Langer Consumer Comfort||—||—||54.6||—|
|8/19/2021||MBA Mortgage Foreclosures||—||—||0.54%||—|
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