December 9, 2020 Headlines

The tone in risk markets was improved overnight on perceived progress in U.S. stimulus negotiations. Treasury yields are higher and steeper this morning, with the 10-year yield back up to 0.95%. The White House proposed a $916 billion Covid relief package to Democrat leaders in Congress late yesterday, including funding for state and local governments and liability protections for businesses. The proposed bill is more expansive than Senate Majority Leader Mitch McConnell’s latest offer, which is more narrowly focused on funding for vaccine distribution, health-care providers, and small businesses. McConnell said Tuesday that both aid for state and local governments and liability protections should be dropped from this round of negotiations and instead be revisited next year.

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 — -1.20% -0.60% —
12/09/20 Wholesale Inventories MoM 0.90% — 0.90% —
12/09/20 Wholesale Trade Sales MoM — — 0.10% —
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 269.57 — 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 — -$208.8b —
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% —

Subscribe Today!

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

Subscribe
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.