September 10, 2020 Headlines

US Treasuries were mixed in the overnight session on light volume ahead of the European Central Bank (ECB) policy decision. Initially yields rallied despite better than expected economic data out of Japan but quickly reversed course as AstraZeneca reignited vaccine hopes that a vaccine will be ready by year-end, even after the recent setbacks. While the ECB policy decision is unanimously expected to leave monetary policy unchanged as economies recover from the pandemic, the focus will be on President Lagarde’s press conference. The Eurozone has struggled with an appreciating currency and negative inflation providing policymakers ammunition to increase stimulus efforts. At the open, the 10-year US Treasury yields .72% and S&P 500 futures are up +.30%.

Chris Eckhoff
Associate, Investment Management Group

9/8/20NFIB Small Business Optimism99100.298.8
9/8/20Consumer Credit$13.000b$12.250b$8.948b$11.394b
9/9/20MBA Mortgage Applications2.90%-2.00%
9/9/20JOLTS Job Openings6000661858896001
9/10/20PPI Final Demand MoM0.20%0.30%0.60%
9/10/20PPI Ex Food and Energy MoM0.20%0.40%0.50%
9/10/20PPI Ex Food, Energy, Trade MoM0.20%0.30%0.30%
9/10/20PPI Final Demand YoY-0.30%-0.20%-0.40%
9/10/20PPI Ex Food and Energy YoY0.30%0.60%0.30%
9/10/20PPI Ex Food, Energy, Trade YoY0.20%0.30%0.10%
9/10/20Initial Jobless Claims850k884k881k884k
9/10/20Continuing Claims12904k13385k13254k13292k
9/10/20Bloomberg Consumer Comfort45.1
9/10/20Wholesale Inventories MoM-0.10%-0.10%
9/10/20Wholesale Trade Sales MoM8.80%
9/11/20CPI MoM0.30%0.60%
9/11/20CPI Ex Food and Energy MoM0.20%0.60%
9/11/20CPI YoY1.20%1.00%
9/11/20CPI Ex Food and Energy YoY1.60%1.60%
9/11/20CPI Index NSA259.592259.101
9/11/20CPI Core Index SA268.44267.715
9/11/20Real Avg Hourly Earning YoY3.70%
9/11/20Real Avg Weekly Earnings YoY4.30%4.20%
9/11/20Bloomberg Sept. United States Economic Survey
9/11/20Monthly Budget Statement-$235.4b-$200.3b



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