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

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%

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.