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

Date Event Surv(M) Actual Prior Revised
09/08/21 MBA Mortgage Applications — -1.90% -2.40% —
09/08/21 JOLTS Job Openings 10049k — 10073k —
09/08/21 U.S. Federal Reserve Releases Beige Book
09/08/21 Consumer Credit $25.000b — $37.690b —
09/09/21 Initial Jobless Claims 335k — 340k —
09/09/21 Continuing Claims 2730k — 2748k —
09/09/21 Langer Consumer Comfort — — 58.2 —
09/10/21 PPI Final Demand MoM 0.60% — 1.00% —
09/10/21 PPI Ex Food and Energy MoM 0.60% — 1.00% —
09/10/21 PPI Ex Food, Energy, Trade MoM 0.60% — 0.90% —
09/10/21 PPI Final Demand YoY 8.20% — 7.80% —
09/10/21 PPI Ex Food and Energy YoY 6.60% — 6.20% —
09/10/21 PPI Ex Food, Energy, Trade YoY 6.30% — 6.10% —
09/10/21 Bloomberg Sept. United States Economic Survey
09/10/21 Wholesale Inventories MoM 0.60% — 0.60% —
09/10/21 Wholesale Trade Sales MoM — — 2.00% —

 

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