A modest risk-on trade emerged overnight ahead of Janet Yellen’s testimony before the Senate Finance Committee this morning, where, as Treasury Secretary nominee, she will essentially attempt to sell President-elect Joe Biden’s $1.9 trillion stimulus proposal. In prepared remarks to begin her appearance, Yellen will say that Congress must “act big” to reduce the risk of a deeper and more prolonged economic downturn and be less concerned with a significant debt burden. “Neither the President-elect, nor I, propose this relief package without an appreciation for the country’s debt burden,” says Yellen. “But right now, with interest rates at historic lows, the smartest thing we can do is act big.” She is likely to receive tough questions from Republican Senators on the necessity of some components of the package as it relates to Covid-19 relief, including the proposed $15 federal minimum wage hike and state/local government aid.
Jason Haley
Chief Investment Officer
Date Time | Event | Survey | Actual | Prior | Revised |
1/19/2021 | Total Net TIC Flows | — | — | -$10.4b | — |
1/19/2021 | Net Long-term TIC Flows | — | — | $51.9b | — |
1/20/2021 | MBA Mortgage Applications | — | — | 16.70% | — |
1/20/2021 | NAHB Housing Market Index | 86 | — | 86 | — |
1/21/2021 | Building Permits MoM | -1.80% | — | 6.20% | 5.90% |
1/21/2021 | Building Permits | 1605k | — | 1639k | 1635k |
1/21/2021 | Philadelphia Fed Business Outlook | 11 | — | 11.1 | 9.1 |
1/21/2021 | Initial Jobless Claims | 925k | — | 965k | — |
1/21/2021 | Continuing Claims | 5300k | — | 5271k | — |
1/21/2021 | Housing Starts | 1560k | — | 1547k | — |
1/21/2021 | Housing Starts MoM | 0.80% | — | 1.20% | — |
1/21/2021 | Bloomberg Economic Expectations | — | — | 38.5 | — |
1/21/2021 | Bloomberg Consumer Comfort | — | — | 43.2 | — |
1/22/2021 | Markit US Manufacturing PMI | 56.5 | — | 57.1 | — |
1/22/2021 | Markit US Composite PMI | — | — | 55.3 | — |
1/22/2021 | Markit US Services PMI | 53.2 | — | 54.8 | — |
1/22/2021 | Existing Home Sales | 6.55m | — | 6.69m | — |
1/22/2021 | Existing Home Sales MoM | -2.10% | — | -2.50% | — |
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