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

Date Event Survey Actual Prior Revised
3/29/2021 Dallas Fed Manf. Activity 16.8 17.2
3/30/2021 FHFA House Price Index MoM 1.20% 1.10%
3/30/2021 S&P CoreLogic CS 20-City MoM SA 1.20% 1.25%
3/30/2021 S&P CoreLogic CS 20-City YoY NSA 11.25% 10.10%
3/30/2021 S&P CoreLogic CS US HPI YoY NSA 10.50% 10.37%
3/30/2021 Conf. Board Consumer Confidence 96.7 91.3
3/30/2021 Conf. Board Present Situation 92
3/30/2021 Conf. Board Expectations 90.8
3/31/2021 MBA Mortgage Applications -2.50%
3/31/2021 ADP Employment Change 555k 117k
3/31/2021 MNI Chicago PMI 61 59.5
3/31/2021 Pending Home Sales MoM -3.00% -2.80%
3/31/2021 Pending Home Sales NSA YoY 6.50% 8.20%
4/1/2021 Challenger Job Cuts YoY -39.10%
4/1/2021 Revisions: Initial and Continued Claims
4/1/2021 Initial Jobless Claims 680k 684k
4/1/2021 Continuing Claims 3750k 3870k
4/1/2021 Langer Consumer Comfort 49.1
4/1/2021 Markit US Manufacturing PMI 59.1 59
4/1/2021 Construction Spending MoM -1.00% 1.70%
4/1/2021 ISM Manufacturing 61.4 60.8
4/1/2021 ISM Prices Paid 82 86
4/1/2021 ISM New Orders 64.8
4/1/2021 ISM Employment 54.4
4/1/2021 Wards Total Vehicle Sales 16.40m 15.67m
4/2/2021 Change in Nonfarm Payrolls 650k 379k
4/2/2021 Two-Month Payroll Net Revision 38k
4/2/2021 Change in Private Payrolls 657k 465k
4/2/2021 Change in Manufact. Payrolls 36k 21k
4/2/2021 Unemployment Rate 6.00% 6.20%
4/2/2021 Average Hourly Earnings MoM 0.10% 0.20%
4/2/2021 Average Hourly Earnings YoY 4.50% 5.30%
4/2/2021 Average Weekly Hours All Employees 34.7 34.6
4/2/2021 Labor Force Participation Rate 61.50% 61.40%
4/2/2021 Underemployment Rate 11.10%

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