December 23, 2021 Headlines

Positive reports on the omicron variant fueled risk appetite and optimism for a smaller economic impact. Although preliminary, three studies found that the omicron variant produced less sever symptoms and a reduction in the hospitalization rate. 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. The 10-year US Treasury is 4 bps higher at the open and S&P500 futures are +0.57% and near all-time highs. Due to the upcoming holiday, the bond market will close at 2pm eastern. Beyond the Headlines will return after the new year. Happy Holidays!

Chris Eckhoff
Associate, Investment Management Group

12/23/2021Initial Jobless Claims205k205k206k205k
12/23/2021Continuing Claims1835k1859k1845k1867k
12/23/2021Personal Income0.40%0.40%0.50%
12/23/2021Personal Spending0.60%0.60%1.30%1.40%
12/23/2021Real Personal Spending0.20%0.00%0.70%
12/23/2021PCE Deflator MoM0.60%0.60%0.60%0.70%
12/23/2021PCE Deflator YoY5.70%5.70%5.00%5.10%
12/23/2021PCE Core Deflator MoM0.40%0.50%0.40%0.50%
12/23/2021PCE Core Deflator YoY4.50%4.70%4.10%4.20%
12/23/2021Durable Goods Orders1.80%2.50%-0.40%0.10%
12/23/2021Durables Ex Transportation0.60%0.80%0.50%0.30%
12/23/2021Cap Goods Orders Nondef Ex Air0.70%-0.10%0.70%0.90%
12/23/2021Cap Goods Ship Nondef Ex Air0.60%0.30%0.40%
12/23/2021Langer Consumer Comfort47.949.650.3
12/23/2021U. of Mich. Sentiment70.470.670.4
12/23/2021U. of Mich. Current Conditions74.274.6
12/23/2021U. of Mich. Expectations68.367.8
12/23/2021U. of Mich. 1 Yr Inflation4.90%4.80%4.90%
12/23/2021U. of Mich. 5-10 Yr Inflation2.90%3.00%
12/23/2021New Home Sales770k744k745k662k
12/23/2021New Home Sales MoM3.40%12.40%0.40%-8.40%

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