January 22, 2021 Headlines

Risk assets are taking pause today on expectedly weak January PMI data from Japan and Europe. Treasury yields are lower and flatter out the curve, and S&P 500 futures are down 75 bps ahead of the open. Flash January PMI data for the U.S. will be released later this morning, with readings for both services and manufacturing expected to weaken from the prior month. Next week’s economic calendar is headlined by the FOMC meeting on Wednesday, and the first estimate of Q4 GDP will be released the following day.

Jason Haley
Chief Investment Officer

01/19/21Total Net TIC Flows$214.1b-$10.4b-$11.1b
01/19/21Net Long-term TIC Flows$149.2b$51.9b
01/20/21MBA Mortgage Applications-1.90%16.70%
01/20/21NAHB Housing Market Index868386
01/21/21Housing Starts1560k1669k1547k1578k
01/21/21Housing Starts MoM0.80%5.80%1.20%3.10%
01/21/21Building Permits1608k1709k1639k1635k
01/21/21Building Permits MoM-1.70%4.50%6.20%5.90%
01/21/21Philadelphia Fed Business Outlook11.826.511.19.1
01/21/21Initial Jobless Claims935k900k965k926k
01/21/21Continuing Claims5300k5054k5271k5181k
01/21/21Bloomberg Economic Expectations39.538.5
01/21/21Bloomberg Consumer Comfort43.743.2
01/22/21Markit US Manufacturing PMI56.557.1
01/22/21Markit US Composite PMI55.3
01/22/21Markit US Services PMI53.454.8
01/22/21Existing Home Sales6.56m6.69m
01/22/21Existing Home Sales MoM-1.90%-2.50%

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