September 8, 2020 Headlines

A sell off in equity futures is contributing to a bull-flattening for the Treasury curve this morning. Concerns that tech company valuations have reached extremes is driving the negative risk sentiment, with Nasdaq futures down 3.25% ahead of the open. This week’s economic calendar is headlined by August inflation data, with PPI on Thursday and CPI on Friday. We’ve entered the blackout period ahead of the September 16 FOMC meeting, so there will be no Fed speakers this week.

Jason Haley
Chief Investment Officer

Date Event Survey Actual Prior Revised
9/8/20 NFIB Small Business Optimism 99 100 98.8
9/8/20 Consumer Credit $13.000b $8.948b
9/9/20 MBA Mortgage Applications -2.00%
9/9/20 JOLTS Job Openings 6000 5889
9/10/20 PPI Final Demand MoM 0.20% 0.60%
9/10/20 PPI Ex Food and Energy MoM 0.20% 0.50%
9/10/20 PPI Ex Food, Energy, Trade MoM 0.20% 0.30%
9/10/20 PPI Final Demand YoY -0.30% -0.40%
9/10/20 PPI Ex Food and Energy YoY 0.30% 0.30%
9/10/20 PPI Ex Food, Energy, Trade YoY 0.20% 0.10%
9/10/20 Initial Jobless Claims 850k 881k
9/10/20 Continuing Claims 12904k 13254k
9/10/20 Bloomberg Consumer Comfort 45.1
9/10/20 Wholesale Inventories MoM -0.10% -0.10%
9/10/20 Wholesale Trade Sales MoM 8.80%
9/11/20 Real Avg Weekly Earnings YoY 4.30% 4.20%
9/11/20 CPI MoM 0.30% 0.60%
9/11/20 CPI Ex Food and Energy MoM 0.20% 0.60%
9/11/20 CPI YoY 1.20% 1.00%
9/11/20 CPI Ex Food and Energy YoY 1.60% 1.60%
9/11/20 CPI Index NSA 259.592 259.1
9/11/20 CPI Core Index SA 268.515 267.72
9/11/20 Real Avg Hourly Earning YoY 3.70%
9/11/20 Bloomberg Sept. United States Economic Survey
9/11/20 Monthly Budget Statement -$250.0b -$63.0b

 

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