January 19, 2021 Headlines

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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