December 22, 2021 Headlines

Renewed inflation concerns sparked by comments from European Central Bank Executive Board member Schnabel and French PPI initially caused the US Treasury curve to steepen overnight. However, Treasuries have rallied back and pared losses ahead of the open. While the effects of the omicron variant remain uncertain, the UK Health Security Agency (equivalent to the US Center for Disease control) reported the new strain causes milder symptoms compared to delta. In addition, the FDA is expected to authorize a pair of covid treatments from both Pfizer and Merck as soon as the end of the week.

Chris Eckhoff
Associate, Investment Management Group

12/22/2021MBA Mortgage Applications-0.60%-4.00%
12/22/2021Chicago Fed Nat Activity Index0.50.370.760.75
12/22/2021GDP Annualized QoQ2.10%2.30%2.10%
12/22/2021Personal Consumption1.70%2.00%1.70%
12/22/2021GDP Price Index5.90%6.00%5.90%
12/22/2021Core PCE QoQ4.50%4.60%4.50%
12/22/2021Conf. Board Consumer Confidence111109.5
12/22/2021Conf. Board Expectations87.6
12/22/2021Conf. Board Present Situation142.5
12/22/2021Existing Home Sales6.53m6.34m
12/22/2021Existing Home Sales MoM2.90%0.80%
12/23/2021Initial Jobless Claims205k206k
12/23/2021Continuing Claims1843k1845k
12/23/2021Personal Income0.40%0.50%
12/23/2021Personal Spending0.60%1.30%
12/23/2021Real Personal Spending0.20%0.70%
12/23/2021PCE Deflator MoM0.60%0.60%
12/23/2021PCE Deflator YoY5.70%5.00%
12/23/2021PCE Core Deflator MoM0.40%0.40%
12/23/2021PCE Core Deflator YoY4.50%4.10%
12/23/2021Durable Goods Orders1.80%-0.40%
12/23/2021Durables Ex Transportation0.60%0.50%
12/23/2021Cap Goods Orders Nondef Ex Air0.70%0.70%
12/23/2021Cap Goods Ship Nondef Ex Air0.60%0.40%
12/23/2021Langer Consumer Comfort49.6
12/23/2021U. of Mich. Sentiment70.470.4
12/23/2021U. of Mich. Current Conditions74.6
12/23/2021U. of Mich. Expectations67.8
12/23/2021U. of Mich. 1 Yr Inflation4.90%4.90%
12/23/2021U. of Mich. 5-10 Yr Inflation3.00%
12/23/2021New Home Sales770k745k
12/23/2021New Home Sales MoM3.30%0.40%


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