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

11/10/20NFIB Small Business Optimism104.1104104
11/10/20Mortgage Delinquencies7.65%8.22%
11/10/20MBA Mortgage Foreclosures0.59%0.68%
11/10/20JOLTS Job Openings6500643664936352
11/11/20MBA Mortgage Applications-0.50%3.80%
11/12/20CPI MoM0.10%0.00%0.20%
11/12/20CPI Ex Food and Energy MoM0.20%0.00%0.20%
11/12/20CPI YoY1.30%1.20%1.40%
11/12/20CPI Ex Food and Energy YoY1.70%1.60%1.70%
11/12/20CPI Index NSA260.475260.388260.28
11/12/20CPI Core Index SA269.59269.296269.264
11/12/20Real Avg Hourly Earning YoY3.20%3.30%3.20%
11/12/20Real Avg Weekly Earnings YoY4.40%4.10%4.40%
11/12/20Initial Jobless Claims731k709k751k757k
11/12/20Continuing Claims6825k6786k7285k7222k
11/12/20Bloomberg Consumer Comfort4847.5
11/12/20Monthly Budget Statement-$275.0b-$284.1b-$134.5b
11/13/20PPI Final Demand MoM0.20%0.30%0.40%
11/13/20PPI Ex Food and Energy MoM0.20%0.10%0.40%
11/13/20PPI Ex Food, Energy, Trade MoM0.20%0.20%0.40%
11/13/20PPI Final Demand YoY0.40%0.50%0.40%
11/13/20PPI Ex Food and Energy YoY1.20%1.10%1.20%
11/13/20PPI Ex Food, Energy, Trade YoY0.90%0.80%0.70%
11/13/20Bloomberg Nov. United States Economic Survey
11/13/20U. of Mich. Sentiment8281.8
11/13/20U. of Mich. Current Conditions88.385.9
11/13/20U. of Mich. Expectations79.179.2
11/13/20U. of Mich. 1 Yr Inflation2.60%
11/13/20U. of Mich. 5-10 Yr Inflation2.40%


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