March 23, 2021 Headlines

Better overnight buying from Asian investors for the second consecutive session is driving Treasury yields lower and flatter to start the day. In geopolitical news, the U.S. and its allies are officially sanctioning China over treatment of Uyghurs, and on the vaccine front, there are reports that Johnson & Johnson may not be able to deliver as many doses by the end of March as planned by the Biden administration. Fed Chair Powell and Treasury Secretary Yellen are set for their first joint appearance before Congress today. Reports surfaced yesterday that Biden’s team is in the early stages of drafting a $3 trillion jobs and infrastructure spending bill, so both Powell and Yellen will likely get a fair share of questions on deficits and inflation risks from Republican members.

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
03/22/21 Chicago Fed Nat Activity Index 0.72 -1.09 0.66 0.75
03/22/21 Existing Home Sales 6.49m 6.22m 6.69m 6.66m
03/22/21 Existing Home Sales MoM -3.00% -6.60% 0.60% 0.20%
03/23/21 Current Account Balance -$188.0b -$188.5b -$178.5b -$180.9b
03/23/21 New Home Sales 870k 923k
03/23/21 New Home Sales MoM -5.70% 4.30%
03/23/21 Richmond Fed Manufact. Index 16 14
03/24/21 MBA Mortgage Applications -2.20%
03/24/21 Durable Goods Orders 0.60% 3.40%
03/24/21 Durables Ex Transportation 0.50% 1.30%
03/24/21 Cap Goods Orders Nondef Ex Air 0.50% 0.40%
03/24/21 Cap Goods Ship Nondef Ex Air -1.00% 1.80%
03/24/21 Markit US Manufacturing PMI 59.5 58.6
03/24/21 Markit US Services PMI 60.1 59.8
03/24/21 Markit US Composite PMI 59.5
03/24/21 Revisions: Wholesale inventories
03/25/21 Initial Jobless Claims 730k 770k
03/25/21 Continuing Claims 4000k 4124k
03/25/21 GDP Annualized QoQ 4.10% 4.10%
03/25/21 Personal Consumption 2.40% 2.40%
03/25/21 GDP Price Index 2.10% 2.10%
03/25/21 Core PCE QoQ 1.40% 1.40%
03/25/21 Langer Consumer Comfort 48.6
03/25/21 Kansas City Fed Manf. Activity 26 24
03/26/21 Advance Goods Trade Balance -$85.8b -$83.7b
03/26/21 Wholesale Inventories MoM 0.80% 1.30%
03/26/21 Retail Inventories MoM 0.70% -0.60%
03/26/21 Personal Income -7.20% 10.00%
03/26/21 Personal Spending -0.80% 2.40%
03/26/21 Real Personal Spending -1.00% 2.00%
03/26/21 PCE Deflator MoM 0.30% 0.30%
03/26/21 PCE Deflator YoY 1.60% 1.50%
03/26/21 PCE Core Deflator MoM 0.10% 0.30%
03/26/21 PCE Core Deflator YoY 1.50% 1.50%
03/26/21 U. of Mich. Sentiment 83.6 83
03/26/21 U. of Mich. Current Conditions 93 91.5
03/26/21 U. of Mich. Expectations 77.5
03/26/21 U. of Mich. 1 Yr Inflation 3.10%
03/26/21 U. of Mich. 5-10 Yr Inflation 2.70%

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