August 20, 2021 Headlines

Markets continue to trade with a risk-off bias. Global equity indices are mostly lower, particularly in Asia, and Treasury yields are modestly lower across the curve. There are no economic releases today, so it should be fairly quiet trading for the remainder of the day. The major event for next week will be Fed Chair Powell’s Jackson Hole speech on Friday morning, with a particular interest on what he says (or doesn’t say) regarding asset purchase tapering and the pace of that tapering.  The latter is of even greater interest for fixed income investors, and unless he decides to foreshadow an earlier start to tapering (i.e., September), there’s a good chance he doesn’t get into any specifics regarding the timeline.

Jason Haley
Chief Investment Officer

DateEventSurv(M)ActualPriorRevised
08/16/21Empire Manufacturing28.518.343
08/16/21Total Net TIC Flows$31.5b$105.3b$98.2b
08/16/21Net Long-term TIC Flows$110.9b-$30.2b-$30.0b
08/17/21Retail Sales Advance MoM-0.30%-1.10%0.60%0.70%
08/17/21Retail Sales Ex Auto MoM0.20%-0.40%1.30%1.60%
08/17/21Retail Sales Ex Auto and Gas-0.10%-0.70%1.10%1.30%
08/17/21Retail Sales Control Group-0.20%-1.00%1.10%1.40%
08/17/21Industrial Production MoM0.50%0.90%0.40%0.20%
08/17/21Capacity Utilization75.70%76.10%75.40%
08/17/21Manufacturing (SIC) Production0.70%1.40%-0.10%-0.30%
08/17/21Business Inventories0.80%0.80%0.50%0.60%
08/17/21NAHB Housing Market Index807580
08/18/21MBA Mortgage Applications-3.90%2.80%
08/18/21Housing Starts1600k1534k1643k1650k
08/18/21Building Permits1610k1635k1598k1594k
08/18/21Housing Starts MoM-2.60%-7.00%6.30%3.50%
08/18/21Building Permits MoM1.00%2.60%-5.10%-5.30%
08/18/21FOMC Meeting Minutes
08/19/21Initial Jobless Claims364k348k375k377k
08/19/21Continuing Claims2800k2820k2866k2899k
08/19/21Philadelphia Fed Business Outlook23.119.421.9
08/19/21Langer Consumer Comfort56.554.6
08/19/21Mortgage Delinquencies5.47%6.38%
08/19/21MBA Mortgage Foreclosures0.51%0.54%
08/19/21Leading Index0.70%0.90%0.70%0.50%

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