September 24, 2021 Headlines

Markets continue to juggle near-term worries related to Evergrande and the Fed’s hawkish surprise on Wednesday. Regarding the former, bond holders reportedly did not receive scheduled interest payments yesterday, starting the clock on the 30-day grace period before bondholders can declare default. As of 8:45am EDT, S&P 500 futures are down 0.58%, and Treasury yields are now close to unchanged following a moderate overnight rally. The economic data calendar for the rest of the month is relatively light, but there are several Fed speakers over the next week, including an event today with Fed Chair Powell, Governor Bowman, and Vice-Chair Clarida all speaking.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
09/20/21	NAHB Housing Market Index	74	76	75	—
09/21/21	Housing Starts	1550k	1615k	1534k	1554k
09/21/21	Housing Starts MoM	1.00%	3.90%	-7.00%	-6.20%
09/21/21	Building Permits	1600k	1728k	1635k	1630k
09/21/21	Building Permits MoM	-1.80%	6.00%	2.60%	2.30%
09/21/21	Current Account Balance	-$190.8b	-$190.3b	-$195.7b	-$189.4b
09/22/21	MBA Mortgage Applications	—	4.90%	0.30%	—
09/22/21	Existing Home Sales	5.89m	5.88m	5.99m	6.00m
09/22/21	Existing Home Sales MoM	-1.70%	-2.00%	2.00%	2.20%
09/22/21	FOMC Rate Decision (Lower Bound)	0.00%	0.00%	0.00%	—
09/22/21	FOMC Rate Decision (Upper Bound)	0.25%	0.25%	0.25%	—
09/22/21	Interest on Reserve Balances Rate	0.15%	0.15%	0.15%	—
09/23/21	Chicago Fed Nat Activity Index	0.5	0.29	0.53	0.75
09/23/21	Initial Jobless Claims	320k	351k	332k	335k
09/23/21	Continuing Claims	2600k	2845k	2665k	2714k
09/23/21	Langer Consumer Comfort	—	56.3	57.7	—
09/23/21	Markit US Manufacturing PMI	61	60.5	61.1	—
09/23/21	Markit US Services PMI	54.9	54.4	55.1	—
09/23/21	Markit US Composite PMI	—	54.5	55.4	—
09/23/21	Leading Index	0.70%	0.90%	0.90%	0.80%
09/23/21	Kansas City Fed Manf. Activity	25	22	29	—
09/23/21	Household Change in Net Worth	—	$5849b	$4997b	$5131b
09/24/21	New Home Sales	715k	—	708k	—
09/24/21	New Home Sales MoM	1.00%	—	1.00%	—

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