November 9, 2020 Headlines

A major risk-on trade emerged in global markets after Pfizer announced that its Covid vaccine was 90% effective in preventing virus infection. European equity markets are up more than 5%, and S&P 500 futures are up 4.6% ahead of the open. Treasury yields are sharply higher and steeper, with the 2-year/10-year spread 8 basis points wider to 0.75%. The company’s trial is still not complete, and the company plans to seek emergency authorization from the FDA later this month according to media reports. For this week’s economic calendar, the October CPI report will be released Thursday, as will weekly jobless claims data, and there will be several Fed leaders speaking throughout the week, including two today (Mester and Kaplan).

Jason Haley
Chief Investment Officer

11/09/20-11/13/20Mortgage Delinquencies8.22%
11/09/20-11/13/20MBA Mortgage Foreclosures0.68%
11/10/20NFIB Small Business Optimism104.2104
11/10/20JOLTS Job Openings65006493
11/11/20MBA Mortgage Applications3.80%
11/12/20CPI MoM0.20%0.20%
11/12/20CPI Ex Food and Energy MoM0.20%0.20%
11/12/20CPI YoY1.30%1.40%
11/12/20CPI Ex Food and Energy YoY1.70%1.70%
11/12/20CPI Index NSA260.474260.28
11/12/20CPI Core Index SA269.576269.264
11/12/20Real Avg Weekly Earnings YoY4.10%4.40%
11/12/20Real Avg Hourly Earning YoY3.30%3.20%
11/12/20Initial Jobless Claims730k751k
11/12/20Continuing Claims6825k7285k
11/12/20Bloomberg Consumer Comfort47.5
11/12/20Monthly Budget Statement-$274.0b-$124.6b
11/13/20PPI Final Demand MoM0.20%0.40%
11/13/20PPI Ex Food and Energy MoM0.20%0.40%
11/13/20PPI Ex Food, Energy, Trade MoM0.20%0.40%
11/13/20PPI Final Demand YoY0.40%0.40%
11/13/20PPI Ex Food and Energy YoY1.20%1.20%
11/13/20PPI Ex Food, Energy, Trade YoY0.90%0.70%
11/13/20U. of Mich. Sentiment8281.8
11/13/20U. of Mich. Current Conditions9085.9
11/13/20U. of Mich. Expectations78.279.2
11/13/20U. of Mich. 1 Yr Inflation2.60%
11/13/20U. of Mich. 5-10 Yr Inflation2.40%
11/13/20Bloomberg Nov. United States Economic Survey




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