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

Date Event Surv(M) Actual Prior Revised
09/08/21 MBA Mortgage Applications — -1.90% -2.40% —
09/08/21 JOLTS Job Openings 10049k 10934k 10073k 10185k
09/08/21 U.S. Federal Reserve Releases Beige Book
09/08/21 Consumer Credit $25.000b $17.004b $37.690b $37.865b
09/09/21 Initial Jobless Claims 335k 310k 340k 345k
09/09/21 Continuing Claims 2740k 2783k 2748k 2805k
09/09/21 Langer Consumer Comfort — 57.9 58.2 —
09/10/21 PPI Final Demand MoM 0.60% 0.70% 1.00% —
09/10/21 PPI Ex Food and Energy MoM 0.60% 0.60% 1.00% —
09/10/21 PPI Ex Food, Energy, Trade MoM 0.60% 0.30% 0.90% —
09/10/21 PPI Final Demand YoY 8.20% 8.30% 7.80% —
09/10/21 PPI Ex Food and Energy YoY 6.60% 6.70% 6.20% —
09/10/21 PPI Ex Food, Energy, Trade YoY 6.30% 6.30% 6.10% —
09/10/21 Bloomberg Sept. United States Economic Survey
09/10/21 Wholesale Inventories MoM 0.60% — 0.60% —
09/10/21 Wholesale Trade Sales MoM — — 2.00% —

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