March 9, 2021 Headlines

Buyers emerged overnight for Treasuries sending yields lower and flatter in the belly and long-end of the curve. The fall in Treasury yields is also fueling a rally in tech stocks, with NASDAQ futures up 2.25% ahead of the open (S&P 500 futures +0.94%). The NFIB small business optimism index was little changed in February versus the prior month and below expectations. At 95.8, the index has now held below the long-run average of 98.3 for three consecutive months. The February CPI report will be released tomorrow morning, and year-over-year growth in core prices is expected to remain at 1.4%, unchanged from January.

Jason Haley
Chief Investment Officer

Date Time	Event	Survey	Actual	Prior	Revised
3/9/2021	NFIB Small Business Optimism	97	95.8	95	—
3/10/2021	MBA Mortgage Applications	—	—	0.50%	—
3/10/2021	CPI MoM	0.40%	—	0.30%	—
3/10/2021	CPI Ex Food and Energy MoM	0.20%	—	0.00%	—
3/10/2021	CPI YoY	1.70%	—	1.40%	—
3/10/2021	CPI Ex Food and Energy YoY	1.40%	—	1.40%	—
3/10/2021	CPI Index NSA	263.125	—	261.582	—
3/10/2021	CPI Core Index SA	270.394	—	270.025	—
3/10/2021	Real Avg Weekly Earnings YoY	—	—	6.10%	5.70%
3/10/2021	Real Avg Hourly Earning YoY	—	—	4.00%	3.90%
3/10/2021	Monthly Budget Statement	-$305.0b	—	-$235.3b	—
3/11/2021	Initial Jobless Claims	725k	—	745k	—
3/11/2021	Continuing Claims	4200k	—	4295k	—
3/11/2021	Langer Consumer Comfort	—	—	48.9	—
3/11/2021	JOLTS Job Openings	6650	—	6646	—
3/11/2021	Household Change in Net Worth	—	—	$3817b	—
3/12/2021	PPI Final Demand MoM	0.40%	—	1.30%	—
3/12/2021	PPI Ex Food and Energy MoM	0.20%	—	1.20%	—
3/12/2021	PPI Ex Food, Energy, Trade MoM	0.30%	—	1.20%	—
3/12/2021	PPI Final Demand YoY	2.70%	—	1.70%	—
3/12/2021	PPI Ex Food and Energy YoY	2.60%	—	2.00%	—
3/12/2021	PPI Ex Food, Energy, Trade YoY	2.50%	—	2.00%	—
3/12/2021	U. of Mich. Sentiment	78.5	—	76.8	—
3/12/2021	U. of Mich. Current Conditions	88.3	—	86.2	—
3/12/2021	U. of Mich. Expectations	72	—	70.7	—
3/12/2021	U. of Mich. 1 Yr Inflation	3.30%	—	3.30%	—
3/12/2021	U. of Mich. 5-10 Yr Inflation	—	—	2.70%	—

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