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 TimeEventSurveyActualPriorRevised
12/2/2020MBA Mortgage Applications-0.60%3.90%
12/2/2020ADP Employment Change440k307k365k404k
12/2/2020U.S. Federal Reserve Releases Beige Book
12/3/2020Challenger Job Cuts YoY60.40%
12/3/2020Initial Jobless Claims775k778k
12/3/2020Continuing Claims5800k6071k
12/3/2020Bloomberg Consumer Comfort49.6
12/3/2020Markit US Services PMI57.557.7
12/3/2020Markit US Composite PMI57.9
12/3/2020ISM Services Index55.856.6
12/4/2020Change in Nonfarm Payrolls486k638k
12/4/2020Two-Month Payroll Net Revision
12/4/2020Change in Private Payrolls560k906k
12/4/2020Change in Manufact. Payrolls45k38k
12/4/2020Unemployment Rate6.80%6.90%
12/4/2020Average Hourly Earnings MoM0.10%0.10%
12/4/2020Average Hourly Earnings YoY4.20%4.50%
12/4/2020Average Weekly Hours All Employees34.834.8
12/4/2020Labor Force Participation Rate61.70%61.70%
12/4/2020Underemployment Rate12.10%
12/4/2020Trade Balance-$64.8b-$63.9b
12/4/2020Factory Orders0.80%1.10%
12/4/2020Factory Orders Ex Trans0.50%
12/4/2020Durable Goods Orders1.30%1.30%
12/4/2020Durables Ex Transportation1.30%1.30%
12/4/2020Cap Goods Orders Nondef Ex Air0.70%0.70%
12/4/2020Cap Goods Ship Nondef Ex Air2.30%

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