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 TimeEventSurveyActualPriorRevised
1/19/2021Total Net TIC Flows——-$10.4b—
1/19/2021Net Long-term TIC Flows——$51.9b—
1/20/2021MBA Mortgage Applications——16.70%—
1/20/2021NAHB Housing Market Index86—86—
1/21/2021Building Permits MoM-1.80%—6.20%5.90%
1/21/2021Building Permits1605k—1639k1635k
1/21/2021Philadelphia Fed Business Outlook11—11.19.1
1/21/2021Initial Jobless Claims925k—965k—
1/21/2021Continuing Claims5300k—5271k—
1/21/2021Housing Starts1560k—1547k—
1/21/2021Housing Starts MoM0.80%—1.20%—
1/21/2021Bloomberg Economic Expectations——38.5—
1/21/2021Bloomberg Consumer Comfort——43.2—
1/22/2021Markit US Manufacturing PMI56.5—57.1—
1/22/2021Markit US Composite PMI——55.3—
1/22/2021Markit US Services PMI53.2—54.8—
1/22/2021Existing Home Sales6.55m—6.69m—
1/22/2021Existing Home Sales MoM-2.10%—-2.50%—

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