November 24, 2020 Headlines

The curve is essentially unchanged this morning while equity futures are higher following the news that the General Services Administration stated that the President-elect could start the transition process. While Biden’s team had already begun an informal process, the GSA’s recent announcement now grants them access to federal agencies, which they had previously been barred from. This news brought provided more clarity, which markets tend to appreciate.

Risk assets also received a boost with reports surfacing that for Fed Chair Janet Yellen may become the next Treasury Secretary. Her recent statements that the recovery could be choppy without fiscal stimulus are giving investors hope that a new round of aid will be granted.

Hafizan Hamzah
Director, Investment Management Group

Date Time Event Survey Actual Prior Revised
11/23/2020 Chicago Fed Nat Activity Index 0.27 0.83 0.27 0.32
11/23/2020 Markit US Manufacturing PMI 53 56.7 53.4
11/23/2020 Markit US Services PMI 55 57.7 56.9
11/23/2020 Markit US Composite PMI 57.9 56.3
11/24/2020 FHFA House Price Index MoM 0.80% 1.70% 1.50%
11/24/2020 House Price Purchase Index QoQ 3.10% 0.80% 1.00%
11/24/2020 S&P CoreLogic CS 20-City MoM SA 0.70% 1.27% 0.47% 1.35%
11/24/2020 S&P CoreLogic CS 20-City YoY NSA 5.30% 6.57% 5.18% 5.33%
11/24/2020 S&P CoreLogic CS 20-City NSA Index 232.53 229.35 229.68
11/24/2020 S&P CoreLogic CS US HPI YoY NSA 6.96% 5.71% 5.81%
11/24/2020 S&P CoreLogic CS US HPI NSA Index 226.8 223.97 224.2
11/24/2020 Conf. Board Consumer Confidence 98 96.1 100.9 101.4
11/24/2020 Conf. Board Present Situation 105.9 104.6 106.2
11/24/2020 Conf. Board Expectations 89.5 98.4 98.2
11/24/2020 Richmond Fed Manufact. Index 20 15 29
11/25/2020 MBA Mortgage Applications -0.30%
11/25/2020 Initial Jobless Claims 730k 742k
11/25/2020 Continuing Claims 6000k 6372k
11/25/2020 Advance Goods Trade Balance -$80.4b -$79.4b
11/25/2020 Wholesale Inventories MoM 0.40% 0.40%
11/25/2020 Retail Inventories MoM 0.60% 1.60%
11/25/2020 GDP Annualized QoQ 33.10% 33.10%
11/25/2020 Personal Consumption 40.90% 40.70%
11/25/2020 GDP Price Index 3.60% 3.60%
11/25/2020 Core PCE QoQ 3.50% 3.50%
11/25/2020 Durable Goods Orders 0.90% 1.90%
11/25/2020 Durables Ex Transportation 0.50% 0.90%
11/25/2020 Cap Goods Orders Nondef Ex Air 0.50% 1.00%
11/25/2020 Cap Goods Ship Nondef Ex Air 0.40% 0.50%
11/25/2020 Bloomberg Consumer Comfort 49.8
11/25/2020 Personal Income -0.10% 0.90%
11/25/2020 Personal Spending 0.40% 1.40%
11/25/2020 Real Personal Spending 0.30% 1.20%
11/25/2020 PCE Deflator MoM 0.00% 0.20%
11/25/2020 PCE Deflator YoY 1.20% 1.40%
11/25/2020 PCE Core Deflator MoM 0.00% 0.20%
11/25/2020 PCE Core Deflator YoY 1.40% 1.50%
11/25/2020 U. of Mich. Sentiment 77 77
11/25/2020 U. of Mich. Current Conditions 85.8
11/25/2020 U. of Mich. Expectations 71.3
11/25/2020 U. of Mich. 1 Yr Inflation 2.80%
11/25/2020 U. of Mich. 5-10 Yr Inflation 2.60%
11/25/2020 New Home Sales 975k 959k
11/25/2020 New Home Sales MoM 1.70% -3.50%
11/25/2020 FOMC Meeting Minutes

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