News that Apple is postponing employees return to the office in October due to Covid risks added more fuel to the Treasury rally early this morning. Intermediate yields are 6 basis points (bps) lower from yesterday’s close, and the 10-year yield is now at 1.14%, down more than 30 bps on the month. Despite the trading activity in rates, U.S. equity futures are up 35-40 bps ahead of the open, likely bolstered by expectations for extended central bank support globally. June housing starts data were mixed, with new starts (single family and multifamily) outpacing growth expectations at 6.3% m/m, but permits for future starts fell 5.1% m/m versus expectations of a 0.7% gain.
Chief Investment Officer
|7/20/2021||Housing Starts MoM||1.20%||6.30%||3.60%||2.10%|
|7/20/2021||Building Permits MoM||0.70%||-5.10%||-3.00%||-2.90%|
|7/21/2021||MBA Mortgage Applications||—||—||16.00%||—|
|7/22/2021||Chicago Fed Nat Activity Index||0.3||—||0.29||—|
|7/22/2021||Initial Jobless Claims||350k||—||360k||—|
|7/22/2021||Langer Consumer Comfort||—||—||52.2||—|
|7/22/2021||Existing Home Sales||5.90m||—||5.80m||—|
|7/22/2021||Existing Home Sales MoM||1.70%||—||-0.90%||—|
|7/22/2021||Kansas City Fed Manf. Activity||25||—||27||—|
|7/23/2021||Markit US Manufacturing PMI||62||—||62.1||—|
|7/23/2021||Markit US Services PMI||64.5||—||64.6||—|
|7/23/2021||Markit US Composite PMI||—||—||63.7||—|
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