September 7, 2021 Headlines

New supply expected this week from the U.S. and Europe (government and corporate debt) is pushing bond yields 1-5 basis points higher across the curve this morning, but U.S. equity index futures are little changed ahead of the open. Enhanced federal unemployment benefits initiated as an emergency Covid response expire this week. News reports suggest that more than 7.5 million Americans will be losing the extra $300 per week payments. This week’s economic calendar is relatively light from a data perspective, but several regional Fed presidents will be speaking. The regional presidents have been more hawkish in recent weeks, particularly as it relates to tapering, relative to their Washington-based colleagues, including Fed Chair Powell. The Treasury Department will be issuing new 3-year, 10-year, and 30-year debt this week, beginning with $58 billion of 3-year notes today.

Jason Haley
Chief Investment Officer

DateEventSurv(M)ActualPriorRevised
09/08/21MBA Mortgage Applications-2.40%
09/08/21JOLTS Job Openings10000k10073k
09/08/21U.S. Federal Reserve Releases Beige Book
09/08/21Consumer Credit$25.000b$37.690b
09/09/21Initial Jobless Claims335k340k
09/09/21Continuing Claims2720k2748k
09/09/21Langer Consumer Comfort58.2
09/10/21PPI Final Demand MoM0.60%1.00%
09/10/21PPI Ex Food and Energy MoM0.50%1.00%
09/10/21PPI Ex Food, Energy, Trade MoM0.60%0.90%
09/10/21PPI Final Demand YoY8.20%7.80%
09/10/21PPI Ex Food and Energy YoY6.60%6.20%
09/10/21PPI Ex Food, Energy, Trade YoY6.30%6.10%
09/10/21Bloomberg Sept. United States Economic Survey
09/10/21Wholesale Inventories MoM0.60%0.60%
09/10/21Wholesale Trade Sales MoM2.00%

 

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