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

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 Applications4.90%0.30%
09/22/21Existing Home Sales5.89m5.88m5.99m6.00m
09/22/21Existing Home Sales MoM-1.70%-2.00%2.00%2.20%
09/22/21FOMC Rate Decision (Lower Bound)0.00%0.00%0.00%
09/22/21FOMC Rate Decision (Upper Bound)0.25%0.25%0.25%
09/22/21Interest on Reserve Balances Rate0.15%0.15%0.15%
09/23/21Chicago Fed Nat Activity Index0.50.290.530.75
09/23/21Initial Jobless Claims320k351k332k335k
09/23/21Continuing Claims2600k2845k2665k2714k
09/23/21Langer Consumer Comfort56.357.7
09/23/21Markit US Manufacturing PMI6160.561.1
09/23/21Markit US Services PMI54.954.455.1
09/23/21Markit US Composite PMI54.555.4
09/23/21Leading Index0.70%0.90%0.90%0.80%
09/23/21Kansas City Fed Manf. Activity252229
09/23/21Household Change in Net Worth$5849b$4997b$5131b
09/24/21New Home Sales715k708k
09/24/21New Home Sales MoM1.00%1.00%


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