May 11, 2021 Headlines

A global sell-off in technology stocks is being attributed to inflation worries this morning, sending NASDAQ futures down close to 2% ahead of the open. The risk-off tone has not impacted Treasuries so far, with yields slightly higher across the curve on supply expectations. Several Fed leaders are scheduled to speak today, beginning with NY Fed President John Williams at a SOFR symposium hosted by ARRC. The Treasury Department will be selling $58 billion of new 3-year notes later today.  

Jason Haley
Chief Investment Officer

05/11/21NFIB Small Business Optimism100.899.898.2
05/11/21JOLTS Job Openings7500k7367k
05/12/21MBA Mortgage Applications-0.90%
05/12/21CPI MoM0.20%0.60%
05/12/21CPI Ex Food and Energy MoM0.30%0.30%
05/12/21CPI YoY3.60%2.60%
05/12/21CPI Ex Food and Energy YoY2.30%1.60%
05/12/21CPI Index NSA265.592264.877
05/12/21CPI Core Index SA271.95271.214
05/12/21Real Avg Weekly Earnings YoY3.90%
05/12/21Real Avg Hourly Earning YoY1.50%
05/12/21Monthly Budget Statement-$100.0b-$738.0b
05/13/21PPI Final Demand MoM0.30%1.00%
05/13/21PPI Ex Food and Energy MoM0.40%0.70%
05/13/21Initial Jobless Claims490k498k
05/13/21PPI Ex Food, Energy, Trade MoM0.30%0.60%
05/13/21Continuing Claims3645k3690k
05/13/21PPI Final Demand YoY5.80%4.20%
05/13/21PPI Ex Food and Energy YoY3.80%3.10%
05/13/21PPI Ex Food, Energy, Trade YoY4.30%3.10%
05/13/21Langer Consumer Comfort54.4
05/14/21Retail Sales Advance MoM1.00%9.80%9.70%
05/14/21Retail Sales Ex Auto MoM0.60%8.40%
05/14/21Retail Sales Ex Auto and Gas0.30%8.20%
05/14/21Retail Sales Control Group-0.40%6.90%
05/14/21Import Price Index MoM0.60%1.20%
05/14/21Import Price Index ex Petroleum MoM0.60%0.90%
05/14/21Import Price Index YoY10.20%6.90%
05/14/21Export Price Index MoM0.70%2.10%
05/14/21Export Price Index YoY9.10%
05/14/21Bloomberg May United States Economic Survey
05/14/21Industrial Production MoM1.00%1.40%
05/14/21Capacity Utilization75.00%74.40%
05/14/21Manufacturing (SIC) Production0.20%2.70%
05/14/21Business Inventories0.30%0.50%
05/14/21U. of Mich. Sentiment9088.3
05/14/21U. of Mich. Current Conditions97.2
05/14/21U. of Mich. Expectations82.7
05/14/21U. of Mich. 1 Yr Inflation3.50%3.40%
05/14/21U. of Mich. 5-10 Yr Inflation2.70%
05/14/21Revisions: Manufacturers’ Shipments, Orders, Inventories

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