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

Date	Event	Surv(M)	Actual	Prior	Revised
08/16/21	Empire Manufacturing	28.5	18.3	43	—
08/16/21	Total Net TIC Flows	—	$31.5b	$105.3b	$98.2b
08/16/21	Net Long-term TIC Flows	—	$110.9b	-$30.2b	-$30.0b
08/17/21	Retail Sales Advance MoM	-0.30%	-1.10%	0.60%	0.70%
08/17/21	Retail Sales Ex Auto MoM	0.20%	-0.40%	1.30%	1.60%
08/17/21	Retail Sales Ex Auto and Gas	-0.10%	-0.70%	1.10%	1.30%
08/17/21	Retail Sales Control Group	-0.20%	-1.00%	1.10%	1.40%
08/17/21	Industrial Production MoM	0.50%	0.90%	0.40%	0.20%
08/17/21	Capacity Utilization	75.70%	76.10%	75.40%	—
08/17/21	Manufacturing (SIC) Production	0.70%	1.40%	-0.10%	-0.30%
08/17/21	Business Inventories	0.80%	0.80%	0.50%	0.60%
08/17/21	NAHB Housing Market Index	80	75	80	—
08/18/21	MBA Mortgage Applications	—	-3.90%	2.80%	—
08/18/21	Housing Starts	1600k	1534k	1643k	1650k
08/18/21	Building Permits	1610k	1635k	1598k	1594k
08/18/21	Housing Starts MoM	-2.60%	-7.00%	6.30%	3.50%
08/18/21	Building Permits MoM	1.00%	2.60%	-5.10%	-5.30%
08/18/21	FOMC Meeting Minutes	—	—	—	—
08/19/21	Initial Jobless Claims	364k	348k	375k	377k
08/19/21	Continuing Claims	2800k	2820k	2866k	2899k
08/19/21	Philadelphia Fed Business Outlook	23.1	19.4	21.9	—
08/19/21	Langer Consumer Comfort	—	56.5	54.6	—
08/19/21	Mortgage Delinquencies	—	5.47%	6.38%	—
08/19/21	MBA Mortgage Foreclosures	—	0.51%	0.54%	—
08/19/21	Leading Index	0.70%	0.90%	0.70%	0.50%

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