September 21, 2020 Headlines

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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