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

03/22/21Chicago Fed Nat Activity Index0.72-1.090.660.75
03/22/21Existing Home Sales6.49m6.22m6.69m6.66m
03/22/21Existing Home Sales MoM-3.00%-6.60%0.60%0.20%
03/23/21Current Account Balance-$188.0b-$188.5b-$178.5b-$180.9b
03/23/21New Home Sales870k923k
03/23/21New Home Sales MoM-5.70%4.30%
03/23/21Richmond Fed Manufact. Index1614
03/24/21MBA Mortgage Applications-2.20%
03/24/21Durable Goods Orders0.60%3.40%
03/24/21Durables Ex Transportation0.50%1.30%
03/24/21Cap Goods Orders Nondef Ex Air0.50%0.40%
03/24/21Cap Goods Ship Nondef Ex Air-1.00%1.80%
03/24/21Markit US Manufacturing PMI59.558.6
03/24/21Markit US Services PMI60.159.8
03/24/21Markit US Composite PMI59.5
03/24/21Revisions: Wholesale inventories
03/25/21Initial Jobless Claims730k770k
03/25/21Continuing Claims4000k4124k
03/25/21GDP Annualized QoQ4.10%4.10%
03/25/21Personal Consumption2.40%2.40%
03/25/21GDP Price Index2.10%2.10%
03/25/21Core PCE QoQ1.40%1.40%
03/25/21Langer Consumer Comfort48.6
03/25/21Kansas City Fed Manf. Activity2624
03/26/21Advance Goods Trade Balance-$85.8b-$83.7b
03/26/21Wholesale Inventories MoM0.80%1.30%
03/26/21Retail Inventories MoM0.70%-0.60%
03/26/21Personal Income-7.20%10.00%
03/26/21Personal Spending-0.80%2.40%
03/26/21Real Personal Spending-1.00%2.00%
03/26/21PCE Deflator MoM0.30%0.30%
03/26/21PCE Deflator YoY1.60%1.50%
03/26/21PCE Core Deflator MoM0.10%0.30%
03/26/21PCE Core Deflator YoY1.50%1.50%
03/26/21U. of Mich. Sentiment83.683
03/26/21U. of Mich. Current Conditions9391.5
03/26/21U. of Mich. Expectations77.5
03/26/21U. of Mich. 1 Yr Inflation3.10%
03/26/21U. of Mich. 5-10 Yr Inflation2.70%

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