July 15, 2021 Headlines

The US Treasury curve continues to bull flatten with 10-year yields down 2bps this morning as Federal Reserve Chairman Powell reiterated the need for monetary support. During the virtual hearing, the chairman recognized improvement in the economy but reaffirmed “the standard of ‘substantial further progress’ is still a ways off” before tapering asset purchases. At the current pace, the central bank acquires $120 billion in bonds each month. Ahead of Powell’s second day of testimony, the S&P500 futures are down -0.31%.

Chris Eckhoff
Associate, Investment Management Group

7/13/2021NFIB Small Business Optimism99.5102.599.6
7/13/2021CPI MoM0.50%0.90%0.60%
7/13/2021CPI Ex Food and Energy MoM0.40%0.90%0.70%
7/13/2021CPI YoY4.90%5.40%5.00%
7/13/2021CPI Ex Food and Energy YoY4.00%4.50%3.80%
7/13/2021CPI Index NSA270.702271.696269.195
7/13/2021CPI Core Index SA277.034278.14275.718
7/13/2021Real Avg Weekly Earnings YoY-1.40%-2.20%-2.60%
7/13/2021Real Avg Hourly Earning YoY-1.70%-2.80%-2.90%
7/13/2021Monthly Budget Statement-$194.0b-$174.2b-$864.1b
7/14/2021MBA Mortgage Applications16.00%-1.80%
7/14/2021PPI Final Demand MoM0.60%1.00%0.80%
7/14/2021PPI Ex Food and Energy MoM0.50%1.00%0.70%
7/14/2021PPI Ex Food, Energy, Trade MoM0.50%0.50%0.70%
7/14/2021PPI Final Demand YoY6.70%7.30%6.60%
7/14/2021PPI Ex Food and Energy YoY5.10%5.60%4.80%
7/14/2021PPI Ex Food, Energy, Trade YoY5.60%5.50%5.30%
7/14/2021U.S. Federal Reserve Releases Beige Book
7/15/2021Empire Manufacturing184317.4
7/15/2021Philadelphia Fed Business Outlook2821.930.7
7/15/2021Initial Jobless Claims350k360k373k386k
7/15/2021Continuing Claims3300k3241k3339k3367k
7/15/2021Import Price Index MoM1.10%1.00%1.10%1.40%
7/15/2021Import Price Index ex Petroleum MoM0.60%0.70%0.90%
7/15/2021Import Price Index YoY11.10%11.20%11.30%11.60%
7/15/2021Export Price Index MoM1.40%1.20%2.20%
7/15/2021Export Price Index YoY16.30%16.80%17.40%17.50%
7/15/2021Industrial Production MoM0.60%0.40%0.80%0.70%
7/15/2021Capacity Utilization75.60%75.40%75.20%75.10%
7/15/2021Manufacturing (SIC) Production0.30%-0.10%0.90%
7/15/2021Langer Consumer Comfort52.253.3
7/16/2021Retail Sales Advance MoM-0.40%-1.30%
7/16/2021Retail Sales Ex Auto MoM0.40%-0.70%
7/16/2021Retail Sales Ex Auto and Gas0.60%-0.80%
7/16/2021Retail Sales Control Group0.40%-0.70%
7/16/2021Business Inventories0.50%-0.20%
7/16/2021U. of Mich. Sentiment86.585.5
7/16/2021U. of Mich. Current Conditions9188.6
7/16/2021U. of Mich. Expectations8583.5
7/16/2021U. of Mich. 1 Yr Inflation4.30%4.20%
7/16/2021U. of Mich. 5-10 Yr Inflation2.80%
7/16/2021Total Net TIC Flows$101.2b
7/16/2021Net Long-term TIC Flows$100.7b

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