December 8, 2020 Headlines

A modest risk-off tone is pushing Treasury yields lower on the long-end of the curve, and U.S. equity futures are down 25-45 basis points ahead of the open. Pfizer’s vaccine has been deemed safe and effective according to a report by a FDA staff report. The vaccine could receive emergency authorization tomorrow at a public hearing involving outside advisers to the FDA. A Washington Post article from yesterday suggested that supply of the Pfizer vaccine may have limited distribution to the U.S. until mid-2021 because of other global orders and a decision by the Trump administration to reject a larger order from the company, but White House officials are pushing back on the report that a larger deal was available and contend that there will be enough supply from Pfizer and other companies to vaccinate all Americans. Moderna’s vaccine will be reviewed by the FDA next week.

Jason Haley
Chief Investment Officer

12/07/20Consumer Credit$15.500b$7.228b$16.214b$15.034b
12/08/20NFIB Small Business Optimism102.5101.4104
12/08/20Nonfarm Productivity4.90%4.60%4.90%
12/08/20Unit Labor Costs-8.90%-6.60%-8.90%
12/09/20MBA Mortgage Applications-0.60%
12/09/20Wholesale Trade Sales MoM0.10%
12/09/20Wholesale Inventories MoM0.90%0.90%
12/09/20JOLTS Job Openings63006436
12/10/20Initial Jobless Claims725k712k
12/10/20Continuing Claims5210k5520k
12/10/20CPI MoM0.10%0.00%
12/10/20CPI Ex Food and Energy MoM0.10%0.00%
12/10/20CPI YoY1.10%1.20%
12/10/20CPI Ex Food and Energy YoY1.50%1.60%
12/10/20CPI Index NSA260.087260.388
12/10/20CPI Core Index SA269.601269.296
12/10/20Real Avg Hourly Earning YoY3.20%
12/10/20Real Avg Weekly Earnings YoY4.40%
12/10/20Bloomberg Consumer Comfort49.3
12/10/20Household Change in Net Worth$7607b
12/10/20Monthly Budget Statement-$200.0b-$284.1b
12/11/20PPI Final Demand MoM0.10%0.30%
12/11/20PPI Ex Food and Energy MoM0.20%0.10%
12/11/20PPI Ex Food, Energy, Trade MoM0.20%0.20%
12/11/20PPI Final Demand YoY0.70%0.50%
12/11/20PPI Ex Food and Energy YoY1.50%1.10%
12/11/20PPI Ex Food, Energy, Trade YoY0.80%
12/11/20U. of Mich. Sentiment7676.9
12/11/20U. of Mich. Current Conditions87
12/11/20U. of Mich. Expectations70.5
12/11/20U. of Mich. 1 Yr Inflation2.80%
12/11/20U. of Mich. 5-10 Yr Inflation2.50%

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.