The resumption of heavy government and corporate debt issuance is putting upward pressure on long-end Treasury yields this morning despite a softer tone in risk markets. The surge in Covid hospitalizations continues to put significant pressure on healthcare facilities in parts of the country, with Los Angeles County emergency rooms instructing ambulance drivers to not bring in patients who have virtually no chance of survival. Market participants will be keeping an eye on the Georgia Senate runoffs today given the potential impact on policy matters, and recent polls (for whatever they’re worth anymore) have shown much tighter races as we’ve approached decision day.
Jason Haley
Chief Investment Officer
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 01/04/21 | Markit US Manufacturing PMI | 56.3 | 57.1 | 56.5 | — |
| 01/04/21 | Construction Spending MoM | 1.00% | 0.90% | 1.30% | 1.60% |
| 01/05/21 | ISM Manufacturing | 56.8 | 60.7 | 57.5 | — |
| 01/05/21 | ISM New Orders | — | 67.9 | 65.1 | — |
| 01/05/21 | ISM Prices Paid | 66 | 77.6 | 65.4 | — |
| 01/05/21 | ISM Employment | — | 51.5 | 48.4 | — |
| 01/05/21 | Wards Total Vehicle Sales | 15.80m | — | 15.55m | — |
| 01/06/21 | MBA Mortgage Applications | — | — | 0.80% | — |
| 01/06/21 | ADP Employment Change | 63k | — | 307k | — |
| 01/06/21 | Markit US Services PMI | 55.2 | — | 55.3 | — |
| 01/06/21 | Markit US Composite PMI | — | — | 55.7 | — |
| 01/06/21 | Factory Orders | 0.70% | — | 1.00% | — |
| 01/06/21 | Factory Orders Ex Trans | — | — | 1.00% | — |
| 01/06/21 | Durable Goods Orders | 0.90% | — | 0.90% | — |
| 01/06/21 | Durables Ex Transportation | 0.40% | — | 0.40% | — |
| 01/06/21 | Cap Goods Orders Nondef Ex Air | — | — | 0.40% | — |
| 01/06/21 | Cap Goods Ship Nondef Ex Air | — | — | 0.40% | — |
| 01/06/21 | FOMC Meeting Minutes | — | — | — | — |
| 01/07/21 | Challenger Job Cuts YoY | — | — | 45.40% | — |
| 01/07/21 | Initial Jobless Claims | 800k | — | 787k | — |
| 01/07/21 | Continuing Claims | 5150k | — | 5219k | — |
| 01/07/21 | Trade Balance | -$67.3b | — | -$63.1b | — |
| 01/07/21 | Bloomberg Consumer Comfort | — | — | 44.6 | — |
| 01/07/21 | ISM Services Index | 54.5 | — | 55.9 | — |
| 01/08/21 | Revisions: Household Survey data | ||||
| 01/08/21 | Two-Month Payroll Net Revision | — | — | — | — |
| 01/08/21 | Change in Nonfarm Payrolls | 62k | — | 245k | — |
| 01/08/21 | Change in Private Payrolls | 50k | — | 344k | — |
| 01/08/21 | Change in Manufact. Payrolls | 16k | — | 27k | — |
| 01/08/21 | Unemployment Rate | 6.80% | — | 6.70% | — |
| 01/08/21 | Average Hourly Earnings MoM | 0.20% | — | 0.30% | — |
| 01/08/21 | Average Hourly Earnings YoY | 4.50% | — | 4.40% | — |
| 01/08/21 | Average Weekly Hours All Employees | 34.8 | — | 34.8 | — |
| 01/08/21 | Labor Force Participation Rate | 61.50% | — | 61.50% | — |
| 01/08/21 | Underemployment Rate | — | — | 12.00% | — |
| 01/08/21 | Wholesale Trade Sales MoM | — | — | 1.80% | — |
| 01/08/21 | Wholesale Inventories MoM | -0.10% | — | -0.10% | — |
| 01/08/21 | Consumer Credit | $9.000b | — | $7.228b | — |
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