December 2, 2020 Headlines

Treasury prices were essentially unchanged following yesterday’s sell-off that sent the 10-year yield 9 bps higher and the yield curve 7 bps steeper. The primary catalyst for yesterday’s move was reports of progress on stimulus negotiations in Congress. Fed Chair Powell will appear before the House Financial Services Committee this morning. In yesterday’s testimony to the Senate Banking Committee, Powell’s tone could be best described as cautiously optimistic, but there were no hints of any policy changes on the near horizon.

Jason Haley
Chief Investment Officer

Date Time Event Survey Actual Prior Revised
12/2/2020 MBA Mortgage Applications -0.60% 3.90%
12/2/2020 ADP Employment Change 440k 307k 365k 404k
12/2/2020 U.S. Federal Reserve Releases Beige Book
12/3/2020 Challenger Job Cuts YoY 60.40%
12/3/2020 Initial Jobless Claims 775k 778k
12/3/2020 Continuing Claims 5800k 6071k
12/3/2020 Bloomberg Consumer Comfort 49.6
12/3/2020 Markit US Services PMI 57.5 57.7
12/3/2020 Markit US Composite PMI 57.9
12/3/2020 ISM Services Index 55.8 56.6
12/4/2020 Change in Nonfarm Payrolls 486k 638k
12/4/2020 Two-Month Payroll Net Revision
12/4/2020 Change in Private Payrolls 560k 906k
12/4/2020 Change in Manufact. Payrolls 45k 38k
12/4/2020 Unemployment Rate 6.80% 6.90%
12/4/2020 Average Hourly Earnings MoM 0.10% 0.10%
12/4/2020 Average Hourly Earnings YoY 4.20% 4.50%
12/4/2020 Average Weekly Hours All Employees 34.8 34.8
12/4/2020 Labor Force Participation Rate 61.70% 61.70%
12/4/2020 Underemployment Rate 12.10%
12/4/2020 Trade Balance -$64.8b -$63.9b
12/4/2020 Factory Orders 0.80% 1.10%
12/4/2020 Factory Orders Ex Trans 0.50%
12/4/2020 Durable Goods Orders 1.30% 1.30%
12/4/2020 Durables Ex Transportation 1.30% 1.30%
12/4/2020 Cap Goods Orders Nondef Ex Air 0.70% 0.70%
12/4/2020 Cap Goods Ship Nondef Ex Air 2.30%

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