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

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 — 47.8 45.1 —
9/10/20 Wholesale Inventories MoM -0.10% -0.30% -0.10% —
9/10/20 Wholesale Trade Sales MoM — 4.60% 8.80% 9.00%
9/11/20 CPI MoM 0.30% 0.40% 0.60% —
9/11/20 CPI Ex Food and Energy MoM 0.20% 0.40% 0.60% —
9/11/20 CPI YoY 1.20% 1.30% 1.00% —
9/11/20 CPI Ex Food and Energy YoY 1.60% 1.70% 1.60% —
9/11/20 CPI Index NSA 259.606 259.918 259.101 —
9/11/20 CPI Core Index SA 268.44 268.747 267.715 —
9/11/20 Real Avg Hourly Earning YoY — 3.30% 3.70% —
9/11/20 Real Avg Weekly Earnings YoY — 3.90% 4.30% 4.20%
9/11/20 Bloomberg Sept. United States Economic Survey
9/11/20 Monthly Budget Statement -$242.7b — -$200.3b —

 

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