An overnight risk-off trade is pushing Treasury yields and U.S. equities lower to start the week. The shift in sentiment is attributable to multiple issues, including rising Covid cases in Europe and the continued delay in additional fiscal aid from Congress. Additionally, BuzzFeed and other media reported yesterday that several major global banks were allegedly involved in money laundering over a period of nearly two decades according to leaked reports submitted by banks to the U.S. government. This week’s economic data calendar is relatively light, headlined by weekly jobless claims (Thursday) and August durable goods orders (Friday). There will be several Fed speakers this week, including Fed Chair Powell testifying with Treasury Secretary Mnuchin before both the House and Senate to discuss the Covid crisis and the fiscal and monetary response.
Jason Haley
Chief Investment Officer
Date | Event | Survey | Actual | Prior | Revised |
9/21/20 | Chicago Fed Nat Activity Index | 1.19 | 0.79 | 1.18 | 2.54 |
9/21/20 | Household Change in Net Worth | — | — | -$6548b | — |
9/22/20 | Existing Home Sales | 6.00m | — | 5.86m | — |
9/22/20 | Existing Home Sales MoM | 2.40% | — | 24.70% | — |
9/22/20 | Richmond Fed Manufact. Index | 12 | — | 18 | — |
9/23/20 | MBA Mortgage Applications | — | — | -2.50% | — |
9/23/20 | FHFA House Price Index MoM | 0.40% | — | 0.90% | — |
9/23/20 | Markit US Manufacturing PMI | 53.5 | — | 53.1 | — |
9/23/20 | Markit US Services PMI | 54.5 | — | 55 | — |
9/23/20 | Markit US Composite PMI | — | — | 54.6 | — |
9/24/20 | Initial Jobless Claims | 840k | — | 860k | — |
9/24/20 | Continuing Claims | 12400k | — | 12628k | — |
9/24/20 | Bloomberg Consumer Comfort | — | — | 47.7 | — |
9/24/20 | New Home Sales | 890k | — | 901k | — |
9/24/20 | New Home Sales MoM | -1.20% | — | 13.90% | — |
9/24/20 | Kansas City Fed Manf. Activity | 14 | — | 14 | — |
9/25/20 | Durable Goods Orders | 1.20% | — | 11.40% | — |
9/25/20 | Durables Ex Transportation | 1.10% | — | 2.60% | — |
9/25/20 | Cap Goods Orders Nondef Ex Air | 1.00% | — | 1.90% | — |
9/25/20 | Cap Goods Ship Nondef Ex Air | 1.00% | — | 2.40% | — |
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