August 23, 2021 Headlines

Risk markets are off to a better start this week, with all major global equity indices in the green (including U.S. futures), and long-end Treasury yields are drifting slightly higher. The focus for this week is squarely on Jerome Powell’s Jackson Hole speech on Friday morning. Market participants will be listening closely for any new hints from the Fed chair regarding the timing and pace of asset purchase tapering. Powell received an endorsement from Treasury Secretary Janet Yellen yesterday for a second term as central bank chief when his current term expires in February. President Biden is expected to make his decision on who to nominate around Labor Day.

Jason Haley
Chief Investment Officer

8/23/2021Chicago Fed Nat Activity Index0.120.530.09-0.01
8/23/2021Markit US Manufacturing PMI6263.4
8/23/2021Markit US Services PMI59.259.9
8/23/2021Markit US Composite PMI59.9
8/23/2021Existing Home Sales5.83m5.86m
8/23/2021Existing Home Sales MoM-0.50%1.40%
8/24/2021Richmond Fed Manufact. Index2427
8/24/2021New Home Sales697k676k
8/24/2021New Home Sales MoM3.10%-6.60%
8/25/2021MBA Mortgage Applications-3.90%
8/25/2021Durable Goods Orders-0.20%0.90%
8/25/2021Durables Ex Transportation0.50%0.50%
8/25/2021Cap Goods Orders Nondef Ex Air0.50%0.70%
8/25/2021Cap Goods Ship Nondef Ex Air0.70%0.60%
8/26/2021Initial Jobless Claims350k348k
8/26/2021Continuing Claims2772k2820k
8/26/2021GDP Annualized QoQ6.70%6.50%
8/26/2021Personal Consumption12.30%11.80%
8/26/2021GDP Price Index6.00%6.00%
8/26/2021Core PCE QoQ6.10%6.10%
8/26/2021Langer Consumer Comfort56.5
8/26/2021Kansas City Fed Manf. Activity2530
8/27/2021Advance Goods Trade Balance-$90.9b-$91.2b
8/27/2021Wholesale Inventories MoM1.00%1.10%
8/27/2021Retail Inventories MoM0.30%0.30%
8/27/2021Personal Income0.20%0.10%
8/27/2021Personal Spending0.40%1.00%
8/27/2021Real Personal Spending0.00%0.50%
8/27/2021PCE Deflator MoM0.40%0.50%
8/27/2021PCE Deflator YoY4.10%4.00%
8/27/2021PCE Core Deflator MoM0.30%0.40%
8/27/2021PCE Core Deflator YoY3.60%3.50%
8/27/2021U. of Mich. Sentiment70.970.2
8/27/2021U. of Mich. Current Conditions77.9
8/27/2021U. of Mich. Expectations65.2
8/27/2021U. of Mich. 1 Yr Inflation4.60%
8/27/2021U. of Mich. 5-10 Yr Inflation3.00%


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