December 14, 2021 Headlines

Treasury yields are 3 to 4 bps higher this morning following the PPI release. Prices paid by producers increased by 0.8% month over month in November and increased by 9.6% from the prior year. The cost of materials continues to face upward pressure as companies struggle to attract workers coupled with shipping delays. Today’s PPI reading increases the likelihood that the Fed will announce a more aggressive taper at its FOMC meeting that starts tomorrow.

Hafizan Hamzah
Director, Investment Management Group

12/14/21NFIB Small Business Optimism98.498.498.2
12/14/21PPI Final Demand MoM0.50%0.80%0.60%
12/14/21PPI Ex Food and Energy MoM0.40%0.70%0.40%
12/14/21PPI Ex Food, Energy, Trade MoM0.40%0.70%0.40%
12/14/21PPI Final Demand YoY9.20%9.60%8.60%8.80%
12/14/21PPI Ex Food and Energy YoY7.20%7.70%6.80%7.00%
12/14/21PPI Ex Food, Energy, Trade YoY6.90%6.20%6.30%
12/15/21MBA Mortgage Applications2.00%
12/15/21Empire Manufacturing2530.9
12/15/21Retail Sales Advance MoM0.80%1.70%
12/15/21Retail Sales Ex Auto MoM0.90%1.70%
12/15/21Retail Sales Ex Auto and Gas0.80%1.40%
12/15/21Retail Sales Control Group0.70%1.60%
12/15/21Import Price Index MoM0.60%1.20%
12/15/21Import Price Index ex Petroleum MoM0.40%0.50%
12/15/21Import Price Index YoY11.40%10.70%
12/15/21Export Price Index MoM0.50%1.50%
12/15/21Export Price Index YoY18.00%
12/15/21Business Inventories1.10%0.70%
12/15/21NAHB Housing Market Index8483
12/15/21FOMC Rate Decision (Lower Bound)0.00%0.00%
12/15/21FOMC Rate Decision (Upper Bound)0.25%0.25%
12/15/21Interest on Reserve Balances Rate0.15%0.15%
12/15/21Total Net TIC Flows-$26.8b
12/15/21Net Long-term TIC Flows$26.3b
12/16/21Initial Jobless Claims200k184k
12/16/21Continuing Claims1943k1992k
12/16/21Housing Starts1568k1520k
12/16/21Building Permits1663k1650k1653k
12/16/21Housing Starts MoM3.20%-0.70%
12/16/21Building Permits MoM0.60%4.00%4.20%
12/16/21Philadelphia Fed Business Outlook29.139
12/16/21Industrial Production MoM0.60%1.60%
12/16/21Capacity Utilization76.80%76.40%
12/16/21Manufacturing (SIC) Production0.70%1.20%
12/16/21Langer Consumer Comfort51
12/16/21Markit US Manufacturing PMI58.558.3
12/16/21Markit US Composite PMI57.2
12/16/21Markit US Services PMI58.858
12/16/21Kansas City Fed Manf. Activity2524
12/17/21Bloomberg Dec. United States Economic Survey


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