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

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-1.20%-0.60%
12/09/20Wholesale Inventories MoM0.90%0.90%
12/09/20Wholesale Trade Sales MoM0.10%
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 SA269.57269.296
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-$208.8b
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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