March 11, 2021 Headlines

Treasury yields are lower in the belly of the curve as the market weighs the ECB’s pledge to contain rising bond yields versus better U.S. economic data (and the lack of a similar pledge from the Fed). ECB President Christine Lagarde said that the central bank’s bond purchases are expected “to be conducted at a significantly higher pace” as needed to prevent a tightening of financial conditions. Fed Chair Powell has stopped short of making similar commitments in recent weeks, saying only that “disorderly conditions in markets or persistent tightening of financial conditions” would spark concerns at the Fed. To this point, Powell & Co. clearly haven’t reached that level of concern to constitute a response similar to the ECB today.   

Jason Haley
Chief Investment Officer

3/11/2021Initial Jobless Claims725k712k745k754k
3/11/2021Continuing Claims4200k4144k4295k4337k
3/11/2021Langer Consumer Comfort48.9
3/11/2021JOLTS Job Openings67006646
3/11/2021Household Change in Net Worth$3817b
3/12/2021PPI Final Demand MoM0.40%1.30%
3/12/2021PPI Ex Food and Energy MoM0.20%1.20%
3/12/2021PPI Ex Food, Energy, Trade MoM0.30%1.20%
3/12/2021PPI Final Demand YoY2.70%1.70%
3/12/2021PPI Ex Food and Energy YoY2.60%2.00%
3/12/2021PPI Ex Food, Energy, Trade YoY2.50%2.00%
3/12/2021U. of Mich. Sentiment78.576.8
3/12/2021U. of Mich. Current Conditions88.386.2
3/12/2021U. of Mich. Expectations7270.7
3/12/2021U. of Mich. 1 Yr Inflation3.30%3.30%
3/12/2021U. of Mich. 5-10 Yr Inflation2.70%

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