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

9/8/20NFIB Small Business Optimism99100.298.8
9/8/20Consumer Credit$13.000b$12.250b$8.948b$11.394b
9/9/20MBA Mortgage Applications2.90%-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%
9/11/20CPI 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 NSA259.592259.101
9/11/20CPI Core Index SA268.44267.715
9/11/20Real Avg Hourly Earning YoY3.70%
9/11/20Real Avg Weekly Earnings YoY4.30%4.20%
9/11/20Bloomberg Sept. United States Economic Survey
9/11/20Monthly Budget Statement-$250.0b-$200.3b


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