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

Date	Event	Surv(M)	Actual	Prior	Revised
12/28/20	Dallas Fed Manf. Activity	11.6	9.7	12	—
12/29/20	S&P CoreLogic CS 20-City MoM SA	1.00%	1.61%	1.27%	1.44%
12/29/20	S&P CoreLogic CS 20-City YoY NSA	6.95%	7.95%	6.57%	6.64%
12/29/20	S&P CoreLogic CS 20-City NSA Index	—	235.77	232.53	232.68
12/29/20	S&P CoreLogic CS US HPI YoY NSA	—	8.41%	6.96%	6.99%
12/29/20	S&P CoreLogic CS US HPI NSA Index	—	229.93	226.8	226.82
12/30/20	Wholesale Inventories MoM	0.60%	—	1.10%	—
12/30/20	Advance Goods Trade Balance	-$81.5b	—	-$80.3b	—
12/30/20	Retail Inventories MoM	—	—	0.80%	—
12/30/20	MNI Chicago PMI	56	—	58.2	—
12/30/20	Pending Home Sales MoM	0.00%	—	-1.10%	—
12/30/20	Pending Home Sales NSA YoY	21.00%	—	19.50%	—
12/31/20	Initial Jobless Claims	830k	—	803k	—
12/31/20	Continuing Claims	5390k	—	5337k	—
12/31/20	Bloomberg Consumer Comfort	—	—	47	—

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