June 23, 2021 Headlines

Rates are essentially unchanged this morning as some of last week’s volatility has subsided. Chairman Powell did acknowledge that inflation has been higher than expected recently but reiterated that the central bank believes these price increases are temporary. In his testimony before the House, Powell stated that categories such as used cars and trucks were a large part of the “overshoot in inflation” and further noted that they are “things that we would look to stop going up and ultimately to start to decline.”

Hafizan Hamzah
Director, Investment Management Group

06/21/21Chicago Fed Nat Activity Index0.70.290.24-0.09
06/22/21Existing Home Sales5.73m5.80m5.85m
06/22/21Existing Home Sales MoM-2.10%-0.90%-2.70%
06/22/21Richmond Fed Manufact. Index182218
06/23/21MBA Mortgage Applications2.10%4.20%
06/23/21Current Account Balance-$206.2b-$195.7b-$188.5b-$175.1b
06/23/21Markit US Manufacturing PMI61.562.1
06/23/21Markit US Services PMI7070.4
06/23/21Markit US Composite PMI68.7
06/23/21New Home Sales865k863k
06/23/21New Home Sales MoM0.20%-5.90%
06/24/21Advance Goods Trade Balance-$87.5b-$85.2b
06/24/21Wholesale Inventories MoM0.80%0.80%
06/24/21Retail Inventories MoM-0.50%-1.60%
06/24/21Durable Goods Orders2.80%-1.30%
06/24/21Durables Ex Transportation0.70%1.00%
06/24/21Cap Goods Orders Nondef Ex Air0.60%2.20%
06/24/21Cap Goods Ship Nondef Ex Air0.80%0.90%
06/24/21GDP Annualized QoQ6.40%6.40%
06/24/21Personal Consumption11.40%11.30%
06/24/21GDP Price Index4.30%4.30%
06/24/21Core PCE QoQ2.50%2.50%
06/24/21Initial Jobless Claims380k412k
06/24/21Continuing Claims3460k3518k
06/24/21Langer Consumer Comfort56.2
06/24/21Kansas City Fed Manf. Activity2426
06/25/21Personal Income-2.50%-13.10%
06/25/21Personal Spending0.40%0.50%
06/25/21Real Personal Spending-0.10%-0.10%
06/25/21PCE Deflator MoM0.50%0.60%
06/25/21PCE Deflator YoY3.90%3.60%
06/25/21PCE Core Deflator MoM0.60%0.70%
06/25/21PCE Core Deflator YoY3.40%3.10%
06/25/21U. of Mich. Sentiment86.586.4
06/25/21U. of Mich. Current Conditions91.490.6
06/25/21U. of Mich. Expectations83.883.8
06/25/21U. of Mich. 1 Yr Inflation4.10%4.00%
06/25/21U. of Mich. 5-10 Yr Inflation2.80%

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