December 14, 2020 Headlines

Risk assets have been buoyed in Monday’s open, with a $908 billion bipartisan stimulus bill set to be announced as early as today, and the FDA-approved Pfizer-BioNTech arriving in the U.S. over the weekend; S&P futures rose 0.85%, and Treasury’s sold off across the curve, with the 10-year up 3 bps. The first dose of the Pfizer vaccine is expected to be administered Monday, initially to frontline healthcare professionals and the elderly. While U.S. health officials remain optimistic – suggesting 40 million doses of Pfrizer’s cocktail could be available this month, allowing for 20 million Americans to be inoculated – the logistical hurdles for the ultracold storage drug remain real. Elsewhere on the docket, China is set to announced retail sales and industrial production for November on Tuesday. Domestically, November retail sales will be announced Wednesday in the U.S., and the Federal Reserve is set for a 2-day meeting midweek, with market participants looking for guidance on continued asset purchases.

Michael Oravetz
Director, Investment Management Group

Date TimeEventSurveyActualPriorRevised
12/15/2020Empire Manufacturing6.66.3
12/15/2020Import Price Index MoM0.30%-0.10%
12/15/2020Import Price Index ex Petroleum MoM0.20%0.00%
12/15/2020Import Price Index YoY-0.90%-1.00%
12/15/2020Export Price Index MoM0.20%0.20%
12/15/2020Export Price Index YoY-1.60%
12/15/2020Industrial Production MoM0.30%1.10%
12/15/2020Capacity Utilization73.00%72.80%
12/15/2020Manufacturing (SIC) Production0.40%1.00%
12/15/2020Net Long-term TIC Flows$108.9b
12/15/2020Total Net TIC Flows-$79.9b
12/16/2020MBA Mortgage Applications-1.20%
12/16/2020Retail Sales Advance MoM-0.30%0.30%
12/16/2020Retail Sales Ex Auto MoM0.10%0.20%
12/16/2020Retail Sales Ex Auto and Gas0.10%0.20%
12/16/2020Retail Sales Control Group0.20%0.10%
12/16/2020Markit US Manufacturing PMI55.856.7
12/16/2020Markit US Services PMI55.658.4
12/16/2020Markit US Composite PMI58.6
12/16/2020Business Inventories0.60%0.70%
12/16/2020NAHB Housing Market Index8890
12/16/2020FOMC Rate Decision (Upper Bound)0.25%0.25%
12/16/2020FOMC Rate Decision (Lower Bound)0.00%0.00%
12/16/2020Interest Rate on Excess Reserves0.10%0.10%
12/17/2020Building Permits1560k1545k1544k
12/17/2020Building Permits MoM1.00%0.00%-0.10%
12/17/2020Philadelphia Fed Business Outlook2026.3
12/17/2020Housing Starts1535k1530k
12/17/2020Initial Jobless Claims818k853k
12/17/2020Housing Starts MoM0.30%4.90%
12/17/2020Continuing Claims5700k5757k
12/17/2020Bloomberg Economic Expectations43
12/17/2020Bloomberg Consumer Comfort49
12/17/2020Kansas City Fed Manf. Activity1011
12/18/2020Current Account Balance-$187.0b-$170.5b
12/18/2020Leading Index0.50%0.70%

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