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

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%

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