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

Date	Event	Survey	Actual	Prior	Revised
9/8/20	NFIB Small Business Optimism	99	100.2	98.8	—
9/8/20	Consumer Credit	$13.000b	$12.250b	$8.948b	$11.394b
9/9/20	MBA Mortgage Applications	—	2.90%	-2.00%	—
9/9/20	JOLTS Job Openings	6000	6618	5889	6001
9/10/20	PPI Final Demand MoM	0.20%	0.30%	0.60%	—
9/10/20	PPI Ex Food and Energy MoM	0.20%	0.40%	0.50%	—
9/10/20	PPI Ex Food, Energy, Trade MoM	0.20%	0.30%	0.30%	—
9/10/20	PPI Final Demand YoY	-0.30%	-0.20%	-0.40%	—
9/10/20	PPI Ex Food and Energy YoY	0.30%	0.60%	0.30%	—
9/10/20	PPI Ex Food, Energy, Trade YoY	0.20%	0.30%	0.10%	—
9/10/20	Initial Jobless Claims	850k	884k	881k	884k
9/10/20	Continuing Claims	12904k	13385k	13254k	13292k
9/10/20	Bloomberg Consumer Comfort	—	—	45.1	—
9/10/20	Wholesale Inventories MoM	-0.10%	—	-0.10%	—
9/10/20	Wholesale Trade Sales MoM	—	—	8.80%	—
9/11/20	CPI MoM	0.30%	—	0.60%	—
9/11/20	CPI Ex Food and Energy MoM	0.20%	—	0.60%	—
9/11/20	CPI YoY	1.20%	—	1.00%	—
9/11/20	CPI Ex Food and Energy YoY	1.60%	—	1.60%	—
9/11/20	CPI Index NSA	259.592	—	259.101	—
9/11/20	CPI Core Index SA	268.44	—	267.715	—
9/11/20	Real Avg Hourly Earning YoY	—	—	3.70%	—
9/11/20	Real Avg Weekly Earnings YoY	—	—	4.30%	4.20%
9/11/20	Bloomberg Sept. United States Economic Survey
9/11/20	Monthly Budget Statement	-$235.4b	—	-$200.3b	—

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