November 23, 2021 Headlines

Treasuries are continuing yesterday’s selloff with yields another 2 to 3 bps higher. The move in rates came after the renomination of Jerome Powell as Fed chair which reduced investor expectations for a more dovish central bank. The US along with China, Japan, India, South Korea, and the UK will release oil from their strategic reserves in an attempt to lower gas prices. The move is likely to spur action from OPEC+, whose officials warned that they would cancel plans to boost production. As a reminder, the market will be closed this Thursday for Thanksgiving and the following Friday is an early close (2 PM EST).

Hafizan Hamzah
Director, Investment Management Group

11/22/21Chicago Fed Nat Activity Index0.10.76-0.13-0.18
11/22/21Existing Home Sales6.20m6.34m6.29m
11/22/21Existing Home Sales MoM-1.40%0.80%7.00%
11/23/21Markit US Manufacturing PMI59.158.4
11/23/21Markit US Services PMI5958.7
11/23/21Markit US Composite PMI57.6
11/23/21Richmond Fed Manufact. Index1112
11/24/21MBA Mortgage Applications-2.80%
11/24/21Initial Jobless Claims260k268k
11/24/21Continuing Claims2030k2080k
11/24/21Advance Goods Trade Balance-$95.0b-$96.3b
11/24/21Wholesale Inventories MoM1.00%1.40%
11/24/21Retail Inventories MoM0.40%-0.20%
11/24/21GDP Annualized QoQ2.20%2.00%
11/24/21Personal Consumption1.60%1.60%
11/24/21GDP Price Index5.70%5.70%
11/24/21Core PCE QoQ4.50%4.50%
11/24/21Durable Goods Orders0.20%-0.30%
11/24/21Durables Ex Transportation0.50%0.50%
11/24/21Cap Goods Orders Nondef Ex Air0.50%0.80%
11/24/21Cap Goods Ship Nondef Ex Air0.50%1.40%
11/24/21Langer Consumer Comfort50.7
11/24/21Personal Income0.20%-1.00%
11/24/21Personal Spending1.00%0.60%
11/24/21Real Personal Spending0.60%0.30%
11/24/21PCE Deflator MoM0.70%0.30%
11/24/21PCE Deflator YoY5.10%4.40%
11/24/21PCE Core Deflator MoM0.40%0.20%
11/24/21PCE Core Deflator YoY4.10%3.60%
11/24/21U. of Mich. Sentiment66.966.8
11/24/21U. of Mich. Current Conditions73.2
11/24/21U. of Mich. Expectations62.8
11/24/21U. of Mich. 1 Yr Inflation4.90%
11/24/21U. of Mich. 5-10 Yr Inflation2.90%
11/24/21New Home Sales800k800k
11/24/21New Home Sales MoM0.00%14.00%
11/24/21FOMC Meeting Minutes


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