September 11, 2020 Headlines

Treasury prices are essentially unchanged this morning following a relatively quiet overnight session. Inflation is the topic du jour as the CPI reading is the focus of today’s economic releases. The headline number came in 0.1% higher than expected at 0.4% while the more stable core reading (excludes food and energy) came in a 0.4% as well, 0.2% higher than expected. The main catalyst for the increase in prices came from used autos which rose by 5.4%. One other noteworthy change was education costs, which fell for the first time since 1993 as the pandemic induced shift to online learning lowered college costs by 0.7%, the sharpest fall since 1978.

Hafizan Hamzah
Director, 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 Comfort47.845.1
9/10/20Wholesale Inventories MoM-0.10%-0.30%-0.10%
9/10/20Wholesale Trade Sales MoM4.60%8.80%9.00%
9/11/20CPI MoM0.30%0.40%0.60%
9/11/20CPI Ex Food and Energy MoM0.20%0.40%0.60%
9/11/20CPI YoY1.20%1.30%1.00%
9/11/20CPI Ex Food and Energy YoY1.60%1.70%1.60%
9/11/20CPI Index NSA259.606259.918259.101
9/11/20CPI Core Index SA268.44268.747267.715
9/11/20Real Avg Hourly Earning YoY3.30%3.70%
9/11/20Real Avg Weekly Earnings YoY3.90%4.30%4.20%
9/11/20Bloomberg Sept. United States Economic Survey
9/11/20Monthly Budget Statement-$242.7b-$200.3b


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