September 9, 2021 Headlines

Continued concerns related to the global economic outlook weighed on risk assets overnight. Treasuries moved back to unchanged on the day following the ECB’s decision to reduce bond purchases in Q4, but long-end yields are beginning to grind lower again. The European Central Bank said it will conduct purchases at a “moderately lower pace” in the final three months of 2021 given improved economic conditions in the region while reiterating its commitment to continue the purchase program until March 2022 or later if needed. The reduction announcement was not unexpected, and markets are now awaiting ECB President Christine Lagarde’s press conference for more details on the announcement. On the supply front, the government will be auctioning $24 billion of new 30-year Treasuries later today.  

Jason Haley
Chief Investment Officer

09/08/21MBA Mortgage Applications-1.90%-2.40%
09/08/21JOLTS Job Openings10049k10934k10073k10185k
09/08/21U.S. Federal Reserve Releases Beige Book
09/08/21Consumer Credit$25.000b$17.004b$37.690b$37.865b
09/09/21Initial Jobless Claims335k310k340k345k
09/09/21Continuing Claims2740k2783k2748k2805k
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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