September 9, 2020 Headlines

Treasuries are little changed to start the day following a relatively quiet overnight session. Equities are poised to rebound this morning following yesterday’s selloff, with the tech sector again leading the way. Heavy corporate debt issuance remains a major theme for fixed income with a heavy new pipeline still to come. U.S. companies have doubled the amount of debt refinancings this year versus the prior year, and gross supply had already eclipsed $1.4 trillion through August, or +84% year-over-year. Senate Republicans are proposing a “skinny” fiscal aid package that is expected to cost $300 billion, after $650 billion of new spending is offset with $350 billion of savings from unspent funds from prior COVID-19 relief. The deal assuages concerns of some Republican Senators that scoffed at the original $1 trillion price tag; however, discussions with Democrat leaders remain at a standstill.

Jason Haley
Chief Investment Officer

Date Event Survey Actual Prior Revised
9/8/20 NFIB Small Business Optimism 99 100.2 98.8 —
9/8/20 Consumer Credit $13.000b $12.250b $8.948b $11.394b
9/9/20 MBA Mortgage Applications — 2.90% -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 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 — 259.101 —
9/11/20 CPI Core Index SA 268.44 — 267.715 —
9/11/20 Real Avg Hourly Earning YoY — — 3.70% —
9/11/20 Real Avg Weekly Earnings YoY — — 4.30% 4.20%
9/11/20 Bloomberg Sept. United States Economic Survey
9/11/20 Monthly Budget Statement -$250.0b — -$200.3b —

 

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