December 11, 2020 Headlines

Treasury yields moved lower and flatter overnight with ongoing uncertainty related to a stimulus agreement and Brexit, and U.S. equity futures are down 55-70 bps ahead of the open. British Prime Minister Boris Johnson and the head of the European Commission Ursula von der Leyen both said that a Brexit trade deal is unlikely prior to the U.K. leaving the European Union in three weeks, which has European equity indices down more than 1% today. On a positive note, The FDA’s advisory panel yesterday recommended approval of the Pfizer/BioNTech vaccine, opening the door for emergency authorization by the agency as soon as today.  

Jason Haley
Chief Investment Officer

Date TimeEventSurveyActualPriorRevised
12/7/2020Consumer Credit$15.500b$7.228b$16.214b$15.034b
12/8/2020NFIB Small Business Optimism102.5101.4104
12/8/2020Nonfarm Productivity4.90%4.60%4.90%
12/8/2020Unit Labor Costs-8.90%-6.60%-8.90%
12/9/2020MBA Mortgage Applications-1.20%-0.60%
12/9/2020Wholesale Inventories MoM0.90%1.10%0.90%
12/9/2020Wholesale Trade Sales MoM1.80%0.10%0.40%
12/9/2020JOLTS Job Openings6300665264366494
12/10/2020Initial Jobless Claims725k853k712k716k
12/10/2020Continuing Claims5210k5757k5520k5527k
12/10/2020CPI MoM0.10%0.20%0.00%
12/10/2020CPI Ex Food and Energy MoM0.10%0.20%0.00%
12/10/2020CPI YoY1.10%1.20%1.20%
12/10/2020CPI Ex Food and Energy YoY1.50%1.60%1.60%
12/10/2020CPI Index NSA260.089260.229260.388
12/10/2020CPI Core Index SA269.57269.887269.296
12/10/2020Real Avg Hourly Earning YoY3.20%3.20%
12/10/2020Real Avg Weekly Earnings YoY4.70%4.40%
12/10/2020Bloomberg Consumer Comfort4949.3
12/10/2020Household Change in Net Worth$3817b$7607b$8294b
12/10/2020Monthly Budget Statement-$198.5b-$145.3b-$208.8b
12/11/2020PPI Final Demand MoM0.10%0.10%0.30%
12/11/2020PPI Ex Food and Energy MoM0.20%0.10%0.10%
12/11/2020PPI Ex Food, Energy, Trade MoM0.20%0.10%0.20%
12/11/2020PPI Final Demand YoY0.70%0.80%0.50%
12/11/2020PPI Ex Food and Energy YoY1.50%1.40%1.10%
12/11/2020PPI Ex Food, Energy, Trade YoY0.90%0.80%
12/11/2020Bloomberg Dec. United States Economic Survey
12/11/2020U. of Mich. Sentiment7681.476.9
12/11/2020U. of Mich. Current Conditions91.887
12/11/2020U. of Mich. Expectations74.770.5
12/11/2020U. of Mich. 1 Yr Inflation2.30%2.80%
12/11/2020U. of Mich. 5-10 Yr Inflation2.50%2.50%

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