From the Desk - Economic Commentary
Scott Goedken, Director of Institutional Strategies - 8/21/2026
U.S. equities are opening higher this morning as investors attempt to recover from Thursday's broad selloff. Treasury yields are little changed after this week's volatility in the bond market. Long-term yields have moved back near the levels that prevailed before the Treasury Department announced an expansion of its debt buyback program, indicating that concerns surrounding Treasury supply, inflation, and fiscal conditions continue to influence trading.
Looking at today's economic data, the preliminary August S&P Global Manufacturing PMI edged lower to 53.7 from 53.9 in July, slightly below expectations of 54.0. The Services PMI fell to 53.9 from 54.6, and the Composite PMI eased from 54.5. Despite the modest slowdown, all three readings remained above 50, indicating continued expansion in business activity.
Consumer sentiment also remained subdued. The final August University of Michigan Consumer Sentiment Index was released this morning and held at 55.2, unchanged from the preliminary reading and near historically low levels. Investors continue to monitor sentiment measures for signs of changing consumer spending behavior heading into the end of the year.
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