September 20, 2021 Headlines

A potential default this week by Chinese real estate giant Evergrande and worries of secondary contagion from the default has investors uneasy to start the week. Today’s global risk-off trade has U.S. equity index futures down 1.5%-2% and the Treasury curve 5 basis points flatter. Beyond China-related concerns, markets are focused most on Wednesday’s FOMC meeting. While any discussion of asset purchase tapering will be closely followed, so will the release of the updated Summary of Economic Projections (SEP). This version will include the first 2024 projections for the fed funds rate and various economic metrics, which will provide some guidance on the committee’s inflation forecast and how aggressive they currently think they will need to be related to rate hikes.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
09/20/21	NAHB Housing Market Index	74	—	75	—
09/21/21	Building Permits MoM	-1.80%	—	2.60%	2.30%
09/21/21	Building Permits	1600k	—	1635k	1630k
09/21/21	Current Account Balance	-$191.0b	—	-$195.7b	—
09/21/21	Housing Starts	1555k	—	1534k	—
09/21/21	Housing Starts MoM	1.40%	—	-7.00%	—
09/22/21	MBA Mortgage Applications	—	—	0.30%	—
09/22/21	Existing Home Sales	5.88m	—	5.99m	—
09/22/21	Existing Home Sales MoM	-1.80%	—	2.00%	—
09/22/21	FOMC Rate Decision (Lower Bound)	0.00%	—	0.00%	—
09/22/21	FOMC Rate Decision (Upper Bound)	0.25%	—	0.25%	—
09/22/21	Interest on Reserve Balances Rate	0.15%	—	0.15%	—
09/23/21	Chicago Fed Nat Activity Index	0.5	—	0.53	—
09/23/21	Initial Jobless Claims	320k	—	332k	—
09/23/21	Continuing Claims	2610k	—	2665k	—
09/23/21	Langer Consumer Comfort	—	—	57.7	—
09/23/21	Markit US Manufacturing PMI	60.8	—	61.1	—
09/23/21	Markit US Services PMI	55	—	55.1	—
09/23/21	Markit US Composite PMI	—	—	55.4	—
09/23/21	Leading Index	0.70%	—	0.90%	—
09/23/21	Kansas City Fed Manf. Activity	25	—	29	—
09/23/21	Household Change in Net Worth	—	—	$4997b	—
09/24/21	New Home Sales	711k	—	708k	—
09/24/21	New Home Sales MoM	0.40%	—	1.00%	—

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.