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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