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%

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