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
Date | Event | Surv(M) | Actual | Prior | Revised |
12/07/20 | Consumer Credit | $15.500b | $7.228b | $16.214b | $15.034b |
12/08/20 | NFIB Small Business Optimism | 102.5 | 101.4 | 104 | — |
12/08/20 | Nonfarm Productivity | 4.90% | 4.60% | 4.90% | — |
12/08/20 | Unit Labor Costs | -8.90% | -6.60% | -8.90% | — |
12/09/20 | MBA Mortgage Applications | — | — | -0.60% | — |
12/09/20 | Wholesale Trade Sales MoM | — | — | 0.10% | — |
12/09/20 | Wholesale Inventories MoM | 0.90% | — | 0.90% | — |
12/09/20 | JOLTS Job Openings | 6300 | — | 6436 | — |
12/10/20 | Initial Jobless Claims | 725k | — | 712k | — |
12/10/20 | Continuing Claims | 5210k | — | 5520k | — |
12/10/20 | CPI MoM | 0.10% | — | 0.00% | — |
12/10/20 | CPI Ex Food and Energy MoM | 0.10% | — | 0.00% | — |
12/10/20 | CPI YoY | 1.10% | — | 1.20% | — |
12/10/20 | CPI Ex Food and Energy YoY | 1.50% | — | 1.60% | — |
12/10/20 | CPI Index NSA | 260.087 | — | 260.388 | — |
12/10/20 | CPI Core Index SA | 269.601 | — | 269.296 | — |
12/10/20 | Real Avg Hourly Earning YoY | — | — | 3.20% | — |
12/10/20 | Real Avg Weekly Earnings YoY | — | — | 4.40% | — |
12/10/20 | Bloomberg Consumer Comfort | — | — | 49.3 | — |
12/10/20 | Household Change in Net Worth | — | — | $7607b | — |
12/10/20 | Monthly Budget Statement | -$200.0b | — | -$284.1b | — |
12/11/20 | PPI Final Demand MoM | 0.10% | — | 0.30% | — |
12/11/20 | PPI Ex Food and Energy MoM | 0.20% | — | 0.10% | — |
12/11/20 | PPI Ex Food, Energy, Trade MoM | 0.20% | — | 0.20% | — |
12/11/20 | PPI Final Demand YoY | 0.70% | — | 0.50% | — |
12/11/20 | PPI Ex Food and Energy YoY | 1.50% | — | 1.10% | — |
12/11/20 | PPI Ex Food, Energy, Trade YoY | — | — | 0.80% | — |
12/11/20 | U. of Mich. Sentiment | 76 | — | 76.9 | — |
12/11/20 | U. of Mich. Current Conditions | — | — | 87 | — |
12/11/20 | U. of Mich. Expectations | — | — | 70.5 | — |
12/11/20 | U. of Mich. 1 Yr Inflation | — | — | 2.80% | — |
12/11/20 | U. of Mich. 5-10 Yr Inflation | — | — | 2.50% | — |
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