July 20, 2021 Headlines

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.

Jason Haley
Chief Investment Officer

7/20/2021Housing Starts1590k1643k1572k1546k
7/20/2021Building Permits1696k1598k1681k1683k
7/20/2021Housing Starts MoM1.20%6.30%3.60%2.10%
7/20/2021Building Permits MoM0.70%-5.10%-3.00%-2.90%
7/21/2021MBA Mortgage Applications16.00%
7/22/2021Chicago Fed Nat Activity Index0.30.29
7/22/2021Initial Jobless Claims350k360k
7/22/2021Continuing Claims3100k3241k
7/22/2021Langer Consumer Comfort52.2
7/22/2021Leading Index0.90%1.30%
7/22/2021Existing Home Sales5.90m5.80m
7/22/2021Existing Home Sales MoM1.70%-0.90%
7/22/2021Kansas City Fed Manf. Activity2527
7/23/2021Markit US Manufacturing PMI6262.1
7/23/2021Markit US Services PMI64.564.6
7/23/2021Markit US Composite PMI63.7

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