December 29, 2020 Headlines

Treasury yields are drifting higher on another relatively quiet morning from a trading perspective. The House passed President Trump’s proposal to increase stimulus checks to $2,000, but the measure faces a more uphill battle in the Senate. Senate Republicans have generally opposed the larger stimulus checks, with some members concerned that any stimulus should be more targeted to those that have lost income due to the pandemic. Senate Democrats are in support of the increased payments. On the economic data front, the S&P CoreLogic Case-Shiller index, which tracks home price changes in the 20 largest U.S. metro areas, posted a 7.95% year-over-year gain in October, the biggest percentage gain since 2014. On a month-over-month basis, prices were up 1.6%, the most since April 2013. The housing market has been bolstered for much of 2020 by record low mortgage rates, which in addition to increased refinance activity has also fueled demand for new purchases.

Jason Haley
Chief Investment Officer

12/28/20Dallas Fed Manf. Activity11.69.712
12/29/20S&P CoreLogic CS 20-City MoM SA1.00%1.61%1.27%1.44%
12/29/20S&P CoreLogic CS 20-City YoY NSA6.95%7.95%6.57%6.64%
12/29/20S&P CoreLogic CS 20-City NSA Index235.77232.53232.68
12/29/20S&P CoreLogic CS US HPI YoY NSA8.41%6.96%6.99%
12/29/20S&P CoreLogic CS US HPI NSA Index229.93226.8226.82
12/30/20Wholesale Inventories MoM0.60%1.10%
12/30/20Advance Goods Trade Balance-$81.5b-$80.3b
12/30/20Retail Inventories MoM0.80%
12/30/20MNI Chicago PMI5658.2
12/30/20Pending Home Sales MoM0.00%-1.10%
12/30/20Pending Home Sales NSA YoY21.00%19.50%
12/31/20Initial Jobless Claims830k803k
12/31/20Continuing Claims5390k5337k
12/31/20Bloomberg Consumer Comfort47

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