November 13, 2020 Headlines

Treasuries are little changed on a quiet morning to end the week. European equity markets are mixed, and U.S. futures are up approximately 0.7%. Fed Chair Powell poured cold water on Monday’s vaccine announcement during an ECB event yesterday. While acknowledging that the economy remains “on a solid path of recovery,” Powell reiterated that the primary risk right now “is clearly the further spread of the disease here in the United States,” suggesting that the next three months  “could be challenging.” The heads of the ECB and BOE shared similar sentiments regarding the near term outlook, and all three were likely attempting to make clear to fiscal policymakers (and market participants) that we’re not out of the woods yet, even with the recent vaccine news.

Jason Haley
Chief Investment Officer

Date Event Survey Actual Prior Revised
11/10/20 NFIB Small Business Optimism 104.1 104 104 —
11/10/20 Mortgage Delinquencies — 7.65% 8.22% —
11/10/20 MBA Mortgage Foreclosures — 0.59% 0.68% —
11/10/20 JOLTS Job Openings 6500 6436 6493 6352
11/11/20 MBA Mortgage Applications — -0.50% 3.80% —
11/12/20 CPI MoM 0.10% 0.00% 0.20% —
11/12/20 CPI Ex Food and Energy MoM 0.20% 0.00% 0.20% —
11/12/20 CPI YoY 1.30% 1.20% 1.40% —
11/12/20 CPI Ex Food and Energy YoY 1.70% 1.60% 1.70% —
11/12/20 CPI Index NSA 260.475 260.388 260.28 —
11/12/20 CPI Core Index SA 269.59 269.296 269.264 —
11/12/20 Real Avg Hourly Earning YoY — 3.20% 3.30% 3.20%
11/12/20 Real Avg Weekly Earnings YoY — 4.40% 4.10% 4.40%
11/12/20 Initial Jobless Claims 731k 709k 751k 757k
11/12/20 Continuing Claims 6825k 6786k 7285k 7222k
11/12/20 Bloomberg Consumer Comfort — 48 47.5 —
11/12/20 Monthly Budget Statement -$275.0b -$284.1b -$134.5b —
11/13/20 PPI Final Demand MoM 0.20% 0.30% 0.40% —
11/13/20 PPI Ex Food and Energy MoM 0.20% 0.10% 0.40% —
11/13/20 PPI Ex Food, Energy, Trade MoM 0.20% 0.20% 0.40% —
11/13/20 PPI Final Demand YoY 0.40% 0.50% 0.40% —
11/13/20 PPI Ex Food and Energy YoY 1.20% 1.10% 1.20% —
11/13/20 PPI Ex Food, Energy, Trade YoY 0.90% 0.80% 0.70% —
11/13/20 Bloomberg Nov. United States Economic Survey
11/13/20 U. of Mich. Sentiment 82 — 81.8 —
11/13/20 U. of Mich. Current Conditions 88.3 — 85.9 —
11/13/20 U. of Mich. Expectations 79.1 — 79.2 —
11/13/20 U. of Mich. 1 Yr Inflation — — 2.60% —
11/13/20 U. of Mich. 5-10 Yr Inflation — — 2.40% —

 

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