December 21, 2020 Headlines

Fears of a virus mutation in southeast England fueled risk-off sentiment that sent US equities lower (S&P500 -1.58%) and US Treasury prices higher. In response to the outbreak London has announced tier 4 restrictions which close non-essential businesses, and neighboring countries have started to restrict travel from the United Kingdom. News that both the House and Senate agreed on a $900 billion pandemic relief bill over the weekend was widely expected by market participants. The package will be attached to a bill that extend and fund government operations through the end of the fiscal year. Highlights of the new assistance bill include direct payments of $600 to individuals, an additional $300 per week in enhanced unemployment benefits, and a $284 billion allocation for the Paycheck Protection Program.

Chris Eckhoff
Associate, Investment Management Group

Date TimeEventSurveyActualPriorRevised
12/21/2020Chicago Fed Nat Activity Index0.750.270.831.01
12/22/2020GDP Annualized QoQ33.10%33.10%
12/22/2020Personal Consumption40.60%40.60%
12/22/2020GDP Price Index3.60%3.60%
12/22/2020Core PCE QoQ3.50%3.50%
12/22/2020Conf. Board Consumer Confidence9796.1
12/22/2020Conf. Board Expectations89.5
12/22/2020Conf. Board Present Situation105.9
12/22/2020Existing Home Sales6.70m6.85m
12/22/2020Existing Home Sales MoM-2.20%4.30%
12/22/2020Richmond Fed Manufact. Index1015
12/23/2020MBA Mortgage Applications1.10%
12/23/2020Durable Goods Orders0.60%1.30%
12/23/2020Durables Ex Transportation0.50%1.30%
12/23/2020Cap Goods Orders Nondef Ex Air0.60%0.80%
12/23/2020Cap Goods Ship Nondef Ex Air0.80%2.40%
12/23/2020Initial Jobless Claims880k885k
12/23/2020Continuing Claims5600k5508k
12/23/2020Personal Income-0.30%-0.70%
12/23/2020Personal Spending-0.20%0.50%
12/23/2020Real Personal Spending-0.50%0.50%
12/23/2020PCE Deflator MoM0.10%0.00%
12/23/2020PCE Deflator YoY1.20%1.20%
12/23/2020PCE Core Deflator MoM0.10%0.00%
12/23/2020PCE Core Deflator YoY1.40%1.40%
12/23/2020FHFA House Price Index MoM0.60%1.70%
12/23/2020U. of Mich. Sentiment8181.4
12/23/2020U. of Mich. Current Conditions91.8
12/23/2020U. of Mich. Expectations74.7
12/23/2020U. of Mich. 1 Yr Inflation2.30%
12/23/2020U. of Mich. 5-10 Yr Inflation2.50%
12/23/2020New Home Sales994k999k
12/23/2020New Home Sales MoM-0.50%-0.30%
12/24/2020Bloomberg Consumer Comfort48.4

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