March 29, 2021 Headlines

A forced hedge fund liquidation is weighing on risk markets today and sending Treasury yields lower and flatter this morning. Nomura and Credit Suisse both say they face “significant” losses from their prime brokerage businesses after the failure of Archegos Capital Management, which has sparked the forced liquidation of more than $20 billion of securities.  President Biden is expected to unveil plans for a $3 trillion infrastructure bill this week, beginning with an appearance in Pittsburgh on Wednesday. Democrats are expressing confidence that the bill can be passed without Republican support, and plan is expected to include tax increases on corporations and individuals earning more than $400,000 annually. This week’s economic calendar is headlined by the March jobs report on Friday.  

Jason Haley
Chief Investment Officer

3/29/2021Dallas Fed Manf. Activity16.817.2
3/30/2021FHFA House Price Index MoM1.20%1.10%
3/30/2021S&P CoreLogic CS 20-City MoM SA1.20%1.25%
3/30/2021S&P CoreLogic CS 20-City YoY NSA11.25%10.10%
3/30/2021S&P CoreLogic CS US HPI YoY NSA10.50%10.37%
3/30/2021Conf. Board Consumer Confidence96.791.3
3/30/2021Conf. Board Present Situation92
3/30/2021Conf. Board Expectations90.8
3/31/2021MBA Mortgage Applications-2.50%
3/31/2021ADP Employment Change555k117k
3/31/2021MNI Chicago PMI6159.5
3/31/2021Pending Home Sales MoM-3.00%-2.80%
3/31/2021Pending Home Sales NSA YoY6.50%8.20%
4/1/2021Challenger Job Cuts YoY-39.10%
4/1/2021Revisions: Initial and Continued Claims
4/1/2021Initial Jobless Claims680k684k
4/1/2021Continuing Claims3750k3870k
4/1/2021Langer Consumer Comfort49.1
4/1/2021Markit US Manufacturing PMI59.159
4/1/2021Construction Spending MoM-1.00%1.70%
4/1/2021ISM Manufacturing61.460.8
4/1/2021ISM Prices Paid8286
4/1/2021ISM New Orders64.8
4/1/2021ISM Employment54.4
4/1/2021Wards Total Vehicle Sales16.40m15.67m
4/2/2021Change in Nonfarm Payrolls650k379k
4/2/2021Two-Month Payroll Net Revision38k
4/2/2021Change in Private Payrolls657k465k
4/2/2021Change in Manufact. Payrolls36k21k
4/2/2021Unemployment Rate6.00%6.20%
4/2/2021Average Hourly Earnings MoM0.10%0.20%
4/2/2021Average Hourly Earnings YoY4.50%5.30%
4/2/2021Average Weekly Hours All Employees34.734.6
4/2/2021Labor Force Participation Rate61.50%61.40%
4/2/2021Underemployment Rate11.10%

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