March 22, 2021 Headlines

The US Treasury curve bull-flattened overnight as the threat of extended lockdowns in Europe and potential for the European Union to ban vaccine exports to the United Kingdom drove the risk-off tone. The Treasury market has been a focal point for market participants in recent weeks given the sharp steepening of the curve. This week, 180bln in 2, 5, and 7-year auctions will drop additional supply on the market. Federal Reserve Chairman Powell has reiterated that the central bank will provide support to the economy “for as long as it takes” but recent inflation concerns have added doubt to how long the bank can continue an accommodative policy stance. There are five Federal reserve speakers scheduled to speak later today over a range of topics including LIBOR transition.

Chris Eckhoff
Senior Associate, Investment Management Group

DateEventSurveyActualPriorRevised
3/22/2021Chicago Fed Nat Activity Index0.72-1.090.660.75
3/22/2021Existing Home Sales6.49m6.22m6.69m6.66m
3/22/2021Existing Home Sales MoM-3.00%-6.60%0.60%0.20%
3/23/2021Current Account Balance-$188.3b-$178.5b
3/23/2021New Home Sales870k923k
3/23/2021New Home Sales MoM-5.70%4.30%
3/23/2021Richmond Fed Manufact. Index1614
3/24/2021MBA Mortgage Applications-2.20%
3/24/2021Durable Goods Orders0.60%3.40%
3/24/2021Durables Ex Transportation0.50%1.30%
3/24/2021Cap Goods Orders Nondef Ex Air0.50%0.40%
3/24/2021Cap Goods Ship Nondef Ex Air-1.00%1.80%
3/24/2021Markit US Manufacturing PMI59.558.6
3/24/2021Markit US Services PMI60.159.8
3/24/2021Markit US Composite PMI59.5
3/24/2021Revisions: Wholesale inventories
3/25/2021Initial Jobless Claims730k770k
3/25/2021Continuing Claims4000k4124k
3/25/2021GDP Annualized QoQ4.10%4.10%
3/25/2021Personal Consumption2.40%2.40%
3/25/2021GDP Price Index2.10%2.10%
3/25/2021Core PCE QoQ1.40%1.40%
3/25/2021Langer Consumer Comfort48.6
3/25/2021Kansas City Fed Manf. Activity2624
3/26/2021Advance Goods Trade Balance-$85.8b-$83.7b
3/26/2021Wholesale Inventories MoM0.80%1.30%
3/26/2021Retail Inventories MoM0.70%-0.60%
3/26/2021Personal Income-7.20%10.00%
3/26/2021Personal Spending-0.80%2.40%
3/26/2021Real Personal Spending-1.00%2.00%
3/26/2021PCE Deflator MoM0.30%0.30%
3/26/2021PCE Deflator YoY1.60%1.50%
3/26/2021PCE Core Deflator MoM0.10%0.30%
3/26/2021PCE Core Deflator YoY1.50%1.50%
3/26/2021U. of Mich. Sentiment83.683
3/26/2021U. of Mich. Current Conditions9391.5
3/26/2021U. of Mich. Expectations77.5
3/26/2021U. of Mich. 1 Yr Inflation3.10%
3/26/2021U. of Mich. 5-10 Yr Inflation2.70%

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.