July 21, 2021 Headlines

A modest risk-on tone persisted overnight following yesterday’s rebound in equity markets (S&P 500 +1.5%). The Treasury curve is bear steepening with long-end yields up 2-3 basis points ahead of today’s 20-year note auction. The MBA mortgage applications index fell 4% last week, including a 6.4% decline in purchase applications and a 2.8% decline in refi applications. Refinancing accounted for 65% of applications last week with an average loan size of $312,600, and both 30-year and 15-year conventional contract rates were little changed over the week at 3.11% and 2.46%, respectively, according to the MBA survey.

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
07/19/21 NAHB Housing Market Index 81 80 81 —
07/20/21 Housing Starts 1590k 1643k 1572k 1546k
07/20/21 Building Permits 1696k 1598k 1681k 1683k
07/20/21 Housing Starts MoM 1.20% 6.30% 3.60% 2.10%
07/20/21 Building Permits MoM 0.70% -5.10% -3.00% -2.90%
07/21/21 MBA Mortgage Applications — -4.00% 16.00% —
07/22/21 Chicago Fed Nat Activity Index 0.3 — 0.29 —
07/22/21 Initial Jobless Claims 350k — 360k —
07/22/21 Continuing Claims 3100k — 3241k —
07/22/21 Langer Consumer Comfort — — 52.2 —
07/22/21 Leading Index 0.90% — 1.30% —
07/22/21 Existing Home Sales 5.90m — 5.80m —
07/22/21 Existing Home Sales MoM 1.70% — -0.90% —
07/22/21 Kansas City Fed Manf. Activity 25 — 27 —
07/23/21 Markit US Manufacturing PMI 62 — 62.1 —
07/23/21 Markit US Services PMI 64.5 — 64.6 —
07/23/21 Markit US Composite PMI — — 63.7 —

 

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