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

DateEventSurv(M)ActualPriorRevised
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%

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