October 7, 2020 Headlines

Financial markets have been whipsawed by conflicting tweets by President Trump regarding additional fiscal aid. The Dow fell nearly 600 points late in yesterday’s session when the president tweeted that he had instructed his representatives to end negotiations with Congress for another round of stimulus until after the election. Seven hours later, Trump tweeted that he would immediately sign a bill supporting airlines, additional $1,200 individual checks, and additional PPP funds for small business. Equities have recovered somewhat on this news that negotiations may not be stymied after all, and Treasuries are back close to yesterday’s levels prior to the president’s initial tweet. In a speech yesterday, Fed Chair Powell once again emphasized the need for additional fiscal aid for the sake of the current recovery, and the minutes of September 16 FOMC meeting will be released this afternoon, which could shed more light on the debate surrounding the Fed’s new guidance.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
10/7/20MBA Mortgage Applications—4.60%-4.80%—
10/7/20FOMC Meeting Minutes————
10/7/20Consumer Credit$14.000b—$12.250b—
10/8/20Initial Jobless Claims820k—837k—
10/8/20Continuing Claims11400k—11767k—
10/8/20Bloomberg Consumer Comfort——49.3—
10/9/20Bloomberg Oct. United States Economic Survey
10/9/20Wholesale Inventories MoM0.50%—0.50%—
10/9/20Wholesale Trade Sales MoM——4.60%—

 

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