February 24, 2021 Headlines

Both Treasury yields and equity futures are higher this morning due to comments made by Fed Chairman Powell stating that the central bank would remain committed to supporting economic growth. The 10-year is currently 7 bps higher this morning at 1.41% and the spread between the 2-year and 10-year is sitting at 128 bps, its widest level since December of 2016.

This morning’s MBA data release showed purchase applications falling by 11.6% pushing the index to a 9-month low. The 30-year purchase rate rose by 10 bps to 3.08%, its highest level since September. Refinancing activity also showed a slowdown as applications fell by 11.3% last week, the lowest level since the week of Christmas.

Hafizan Hamzah
Director, Investment Management Group

02/22/21Chicago Fed Nat Activity Index0.50.660.520.41
02/22/21Leading Index0.40%0.50%0.30%0.40%
02/22/21Dallas Fed Manf. Activity517.27
02/23/21FHFA House Price Index MoM1.00%1.10%1.00%
02/23/21House Price Purchase Index QoQ3.80%3.10%3.40%
02/23/21S&P CoreLogic CS 20-City MoM SA1.25%1.25%1.42%1.46%
02/23/21S&P CoreLogic CS 20-City YoY NSA9.90%10.10%9.08%9.20%
02/23/21S&P CoreLogic CS US HPI YoY NSA10.37%9.49%9.50%
02/23/21Conf. Board Consumer Confidence9091.389.388.9
02/23/21Conf. Board Present Situation9284.485.5
02/23/21Conf. Board Expectations90.892.591.2
02/23/21Richmond Fed Manufact. Index151414
02/24/21MBA Mortgage Applications-11.40%-5.10%
02/24/21New Home Sales856k842k
02/24/21New Home Sales MoM1.70%1.60%
02/25/21Durable Goods Orders1.00%0.50%
02/25/21Durables Ex Transportation0.70%1.10%
02/25/21Initial Jobless Claims825k861k
02/25/21Cap Goods Orders Nondef Ex Air0.80%0.70%
02/25/21GDP Annualized QoQ4.20%4.00%
02/25/21Continuing Claims4460k4494k
02/25/21Cap Goods Ship Nondef Ex Air0.60%0.70%
02/25/21Personal Consumption2.50%2.50%
02/25/21GDP Price Index2.00%2.00%
02/25/21Core PCE QoQ1.40%1.40%
02/25/21Bloomberg Consumer Comfort45.8
02/25/21Pending Home Sales MoM0.00%-0.30%
02/25/21Pending Home Sales NSA YoY22.80%
02/25/21Kansas City Fed Manf. Activity1517
02/26/21Advance Goods Trade Balance-$83.1b-$82.5b
02/26/21Wholesale Inventories MoM0.40%0.30%
02/26/21Personal Income9.50%0.60%
02/26/21Retail Inventories MoM0.50%1.00%
02/26/21Personal Spending2.50%-0.20%
02/26/21Real Personal Spending2.20%-0.60%
02/26/21PCE Deflator MoM0.30%0.40%
02/26/21PCE Deflator YoY1.40%1.30%
02/26/21PCE Core Deflator MoM0.10%0.30%
02/26/21PCE Core Deflator YoY1.40%1.50%
02/26/21MNI Chicago PMI6163.8
02/26/21U. of Mich. Sentiment76.576.2
02/26/21U. of Mich. Current Conditions86.2
02/26/21U. of Mich. Expectations69.8
02/26/21U. of Mich. 1 Yr Inflation3.30%
02/26/21U. of Mich. 5-10 Yr Inflation2.70%

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