December 17, 2021 Headlines

The Treasury curve is flatter this morning with long-end yields down 3 basis points. With the FOMC meeting in the rear-view mirror and Christmas just a week away, markets should begin to thin out from a trading volume perspective. Fed Governor Christopher Waller will be the last scheduled Fed speaker of 2021 when he discusses his economic outlook today with the Forecasters Club of New York. This will be my last post for 2021, so wishing everyone a very happy holidays and best wishes for 2022!

Jason Haley
Chief Investment Officer

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 Applications-4.00%2.00%
12/15/21Empire Manufacturing2531.930.9
12/15/21Retail Sales Advance MoM0.80%0.30%1.70%1.80%
12/15/21Retail Sales Ex Auto MoM0.90%0.30%1.70%1.80%
12/15/21Retail Sales Ex Auto and Gas0.80%0.20%1.40%1.60%
12/15/21Retail Sales Control Group0.70%-0.10%1.60%1.80%
12/15/21Import Price Index MoM0.60%0.70%1.20%1.50%
12/15/21Import Price Index ex Petroleum MoM0.40%0.70%0.50%0.60%
12/15/21Import Price Index YoY11.40%11.70%10.70%11.00%
12/15/21Export Price Index MoM0.50%1.00%1.50%1.60%
12/15/21Export Price Index YoY18.20%18.00%
12/15/21Business Inventories1.10%1.20%0.70%0.80%
12/15/21NAHB Housing Market Index848483
12/15/21FOMC Rate Decision (Lower Bound)0.00%0.00%0.00%
12/15/21FOMC Rate Decision (Upper Bound)0.25%0.25%0.25%
12/15/21Interest on Reserve Balances Rate0.15%0.15%0.15%
12/15/21Total Net TIC Flows$143.0b-$26.8b-$27.3b
12/15/21Net Long-term TIC Flows$7.1b$26.3b$26.7b
12/16/21Initial Jobless Claims200k206k184k188k
12/16/21Continuing Claims1943k1845k1992k1999k
12/16/21Housing Starts1567k1679k1520k1502k
12/16/21Building Permits1661k1712k1650k1653k
12/16/21Housing Starts MoM3.10%11.80%-0.70%-3.10%
12/16/21Building Permits MoM0.50%3.60%4.00%4.20%
12/16/21Philadelphia Fed Business Outlook29.115.439
12/16/21Industrial Production MoM0.60%0.50%1.60%1.70%
12/16/21Capacity Utilization76.80%76.80%76.40%76.50%
12/16/21Manufacturing (SIC) Production0.70%0.70%1.20%1.40%
12/16/21Langer Consumer Comfort51.251
12/16/21Markit US Manufacturing PMI58.557.858.3
12/16/21Markit US Composite PMI56.957.2
12/16/21Markit US Services PMI58.857.558
12/16/21Kansas City Fed Manf. Activity252424
12/17/21Bloomberg Dec. United States Economic Survey

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