September 8, 2021 Headlines

Buyers emerged overnight in Treasuries following yesterday’s supply-driven sell-off, and equity futures are slightly lower amid a modest risk-off tone. Axios is reporting that Senator Joe Manchin (D-W.V.) has warned the White House that he is open to supporting only $1.5 trillion of the Biden administration’s $3.5 trillion social spending proposal and that any spending will need to be paid for with new revenue. The West Virginia Democrat is a critical vote in the Senate, and without his support, Democrats would need at least one Republican vote, which is considered highly unlikely. There are multiple articles out this morning discussing China’s ongoing crackdown on real estate speculation, with some analysts suggesting that the measures are overdone and will hurt the country’s economy. The government will be issuing $38 billion of new 10-year notes today, and New York Fed President John Williams will deliver his economic outlook in a speech this afternoon.

Jason Haley
Chief Investment Officer

09/08/21MBA Mortgage Applications-1.90%-2.40%
09/08/21JOLTS Job Openings10049k10073k
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 Claims2730k2748k
09/09/21Langer Consumer Comfort58.2
09/10/21PPI Final Demand MoM0.60%1.00%
09/10/21PPI Ex Food and Energy MoM0.60%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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