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Peter Boockvar

January 13, 2021 By Peter Boockvar

Commodity prices and bond yields

I'm going to mention commodities again ahead of the December CPI report at 8:30am est. The CRB raw industrials index yesterday rose for the 12th day in 13 and is just a hair below the highest level since August 2014. Also, if you didn't see the move in ag the past few days, corn rallied 5.1% yesterday after crop data was released and showed a 7 yr low in inventories …

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January 12, 2021 By Peter Boockvar

10 yr auction very good/Inflation comments

With an incredible 26 bps rise in 6 trading days, the 10 yr note auction was very good as the higher yield likely brought out some buyers. The yield of 1.164% was almost 1 bp below the when issued. The bid to cover of 2.47 was a touch above the one year average of 2.44. Also, direct and indirect bidders took down 80% of the auction, higher than the 12 month average of …

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January 12, 2021 By Peter Boockvar

When does rise in rates matter?

I've gotten a lot of questions over the past few weeks asking at what point does the rise in long rates matter (a lot of other questions on Bitcoin). When do they matter for stocks that have been inflated by very low rates and when do they matter for the Fed that would get them to react? As for the former, I'm not sure at what magic level multiples start to compress …

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January 11, 2021 By Peter Boockvar

‘Euphoria’ has now gone parabolic

It was not surprisingly November 9th when market sentiment began to inflect higher again, after already riding the wave of summer reopenings and the continuous pace of massive Fed interventions. In particular we know we've seen sentiment get very giddy over the last month as the Investors Intelligence figure saw Bulls rise above 60 and its spread to Bears above 40. …

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January 8, 2021 By Peter Boockvar

Succinct Summation of the Week’s Events – 1/8

Positives 1)The December ISM services index rose to 57.2 from 55.9 and that was above an expected drop to 54.5. This is right in line with the 6 month average of 57.1. The breadth was the same as last month with 14 of 18 industries seeing growth and 4 seeing a contraction (leisure/hospitality and real estate/rental/leasing, likely office not surprisingly). …

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January 8, 2021 By Peter Boockvar

Jobs data

December payrolls declined by 140k vs the estimate of up 50k but this was mostly offset by an upward revision of 135k to the two prior months. The private sector shed 95k jobs vs the estimate of up 25k but November alone was revised up by 73k. The household survey said 21k jobs were added and when combined with a similar rise in the labor force, the unemployment …

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January 8, 2021 By Peter Boockvar

The supply constraints

We've seen it in the rising Supplier Deliveries category (measuring slower deliveries) of the Markit PMI and the ISM and we've heard many times for many months about the supplier capacity constraints leading to clogging up of the supply chain and rising prices. Today the FT has an article saying "Car manufacturing hit by global semiconductor shortage" as they compete …

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January 7, 2021 By Peter Boockvar

Harker, rates, inflation/ISM services

Treasury yields are at the highs of the day after Philly Fed President Patrick Harker (does not vote in 2021) joined Raphael Bostic (does vote in 2021) in saying that it is possible that by the end of 2021, the Fed could start tapering QE5. Now of course that seems like an eternity away but could become more of a reality as the year progresses and the economy further …

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January 7, 2021 By Peter Boockvar

Claims/Almost record trade deficit

Initial jobless claims were little changed w/o/w at 787k vs 790k. That was a bit less than the estimate of 800k. Continuing claims fell again, to 5.07mm from 5.2mm and the estimate was for no change. Some of this was due to the expiration of benefits but we know they’ve since been extended again. The 4 week average for initial claims is now 819k vs 838k last week …

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January 7, 2021 By Peter Boockvar

The Day After

There should be no mystery as to why the markets didn't care about what happened in the Capital yesterday, however disturbing, disgraceful, and embarrassing it was. It's because it has no bearing on the direction of the economy, earnings and interest rates. It's that simple. It was only a matter of time before other countries were going to express worry about the …

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Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor.

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