September 21, 2021 Headlines

Risk markets rebounded overnight from yesterday’s sharp sell-off. S&P 500 futures are up 0.70% an hour before the open, and Treasury yields are modestly higher and steeper. Evergrande reportedly missed interest payments due yesterday to at least two of its largest bank creditors, and it’s likely to miss interest payments due Thursday for two bond issues. A Financial Times article today highlights the strong demand for Treasuries from foreign investors, particularly China and Japan. This has been the case for several months now, as U.S. yields remain attractive (hard to say that with a straight face) for many overseas buyers on a currency-adjusted basis, and if it continues, it likely helps absorb any excess supply created by Fed tapering. 

Jason Haley
Chief Investment Officer

DateEventSurv(M)ActualPriorRevised
09/20/21NAHB Housing Market Index747675
09/21/21Housing Starts1550k1615k1534k1554k
09/21/21Housing Starts MoM1.00%3.90%-7.00%-6.20%
09/21/21Building Permits1600k1728k1635k1630k
09/21/21Building Permits MoM-1.80%6.00%2.60%2.30%
09/21/21Current Account Balance-$190.8b-$190.3b-$195.7b-$189.4b
09/22/21MBA Mortgage Applications0.30%
09/22/21Existing Home Sales5.88m5.99m
09/22/21Existing Home Sales MoM-1.80%2.00%
09/22/21FOMC Rate Decision (Lower Bound)0.00%0.00%
09/22/21FOMC Rate Decision (Upper Bound)0.25%0.25%
09/22/21Interest on Reserve Balances Rate0.15%0.15%
09/23/21Chicago Fed Nat Activity Index0.50.53
09/23/21Initial Jobless Claims320k332k
09/23/21Continuing Claims2610k2665k
09/23/21Langer Consumer Comfort57.7
09/23/21Markit US Manufacturing PMI60.861.1
09/23/21Markit US Services PMI5555.1
09/23/21Markit US Composite PMI55.4
09/23/21Leading Index0.70%0.90%
09/23/21Kansas City Fed Manf. Activity2529
09/23/21Household Change in Net Worth$4997b
09/24/21New Home Sales711k708k
09/24/21New Home Sales MoM0.40%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.