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

9/8/20NFIB Small Business Optimism9910098.8
9/8/20Consumer Credit$13.000b$8.948b
9/9/20MBA Mortgage Applications-2.00%
9/9/20JOLTS Job Openings60005889
9/10/20PPI Final Demand MoM0.20%0.60%
9/10/20PPI Ex Food and Energy MoM0.20%0.50%
9/10/20PPI Ex Food, Energy, Trade MoM0.20%0.30%
9/10/20PPI Final Demand YoY-0.30%-0.40%
9/10/20PPI Ex Food and Energy YoY0.30%0.30%
9/10/20PPI Ex Food, Energy, Trade YoY0.20%0.10%
9/10/20Initial Jobless Claims850k881k
9/10/20Continuing Claims12904k13254k
9/10/20Bloomberg Consumer Comfort45.1
9/10/20Wholesale Inventories MoM-0.10%-0.10%
9/10/20Wholesale Trade Sales MoM8.80%
9/11/20Real Avg Weekly Earnings YoY4.30%4.20%
9/11/20CPI MoM0.30%0.60%
9/11/20CPI Ex Food and Energy MoM0.20%0.60%
9/11/20CPI YoY1.20%1.00%
9/11/20CPI Ex Food and Energy YoY1.60%1.60%
9/11/20CPI Index NSA259.592259.1
9/11/20CPI Core Index SA268.515267.72
9/11/20Real Avg Hourly Earning YoY3.70%
9/11/20Bloomberg Sept. United States Economic Survey
9/11/20Monthly Budget Statement-$250.0b-$63.0b


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