September 10, 2021 Headlines

Global risk markets are responding positively to reports of a 90-minute phone call initiated by President Biden with China’s Xi Jinping. There were no official announcements following the first call between the two leaders since February, but the call is fueling some market optimism (hope) that relations could dethaw somewhat between the two countries.  Treasury yields are modestly higher/steeper, and S&P 500 futures are currently up 0.44% (8:31 a.m. EDT). A Bloomberg article this morning notes the growing bottleneck of container ships waiting to enter the three biggest ports in the U.S., which has been on a steady rise since early July. The article also highlights ongoing congestion at major overseas ports, as well as other modes of freight transportation. This has pushed cargo costs to record highs while manufacturers and retailers continue to deal with supply chain delays. On that note, the Producer Price Index excluding food and energy prices (core PPI) rose 6.7% year-over-year in August, higher than expected and another new record high (records began November 2010).

Jason Haley
Chief Investment Officer

09/08/21MBA Mortgage Applications-1.90%-2.40%
09/08/21JOLTS Job Openings10049k10934k10073k10185k
09/08/21U.S. Federal Reserve Releases Beige Book
09/08/21Consumer Credit$25.000b$17.004b$37.690b$37.865b
09/09/21Initial Jobless Claims335k310k340k345k
09/09/21Continuing Claims2740k2783k2748k2805k
09/09/21Langer Consumer Comfort57.958.2
09/10/21PPI Final Demand MoM0.60%0.70%1.00%
09/10/21PPI Ex Food and Energy MoM0.60%0.60%1.00%
09/10/21PPI Ex Food, Energy, Trade MoM0.60%0.30%0.90%
09/10/21PPI Final Demand YoY8.20%8.30%7.80%
09/10/21PPI Ex Food and Energy YoY6.60%6.70%6.20%
09/10/21PPI Ex Food, Energy, Trade YoY6.30%6.30%6.10%
09/10/21Bloomberg Sept. United States Economic Survey
09/10/21Wholesale Inventories MoM0.60%0.60%
09/10/21Wholesale Trade Sales MoM2.00%

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