A softer tone in risk markets overnight is sparking a modest bid for Treasuries this morning. S&P 500 futures are down -0.8% on general recovery concerns, fueled by the perception that Congress won’t be able to agree on additional fiscal support this year. As a result, some economists are revising lower their Q4 GDP forecast. Also contributing to today’s risk-off trade was an unexpected increase in weekly jobless claims, which rose to 870,000 last week (840,000 expected). Seven different Fed leaders will be speaking today at separate events, including Jerome Powell before the Senate Banking Committee this morning.
Chief Investment Officer
|9/24/20||Initial Jobless Claims||840k||870k||860k||866k|
|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||1.30%||—||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||0.80%||—||2.40%||—|
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