February 14, 2022 Headlines

Treasury yields are leaking higher to start the week despite less hawkish comments from two Fed leaders over the weekend. Mary Daly (San Francisco Fed) and Esther George (Kansas City Fed) both cautioned against an overly aggressive rate hike schedule, particularly inter-meeting hikes. However, George did suggest that the FOMC should be considering asset sales at some point soon. Financial markets are also keeping an eye on the potential Russia/Ukraine conflict, and a positive headline emerged this morning reporting that Russian President Putin agreed to continue diplomatic efforts to resolve the situation. There are no economic releases on the calendar for today, and for the rest of the week, the producer price index (PPI) for January will be released tomorrow and January 26 FOMC minutes on Wednesday.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
02/15/22	PPI Final Demand MoM	0.50%	—	0.20%	0.30%
02/15/22	PPI Ex Food and Energy MoM	0.40%	—	0.50%	—
02/15/22	PPI Ex Food, Energy, Trade MoM	0.40%	—	0.40%	0.30%
02/15/22	PPI Final Demand YoY	9.10%	—	9.70%	—
02/15/22	PPI Ex Food and Energy YoY	7.80%	—	8.30%	—
02/15/22	PPI Ex Food, Energy, Trade YoY	6.30%	—	6.90%	—
02/15/22	Empire Manufacturing	12	—	-0.7	—
02/15/22	Net Long-term TIC Flows	—	—	$137.4b	—
02/15/22	Total Net TIC Flows	—	—	$223.9b	—
02/16/22	MBA Mortgage Applications	—	—	-8.10%	—
02/16/22	Retail Sales Advance MoM	2.00%	—	-1.90%	—
02/16/22	Retail Sales Ex Auto MoM	1.00%	—	-2.30%	—
02/16/22	Retail Sales Ex Auto and Gas	1.00%	—	-2.50%	—
02/16/22	Retail Sales Control Group	1.40%	—	-3.10%	—
02/16/22	Import Price Index MoM	1.20%	—	-0.20%	—
02/16/22	Import Price Index ex Petroleum MoM	0.40%	—	0.30%	—
02/16/22	Import Price Index YoY	9.80%	—	10.40%	—
02/16/22	Export Price Index MoM	1.10%	—	-1.80%	—
02/16/22	Export Price Index YoY	—	—	14.70%	—
02/16/22	Industrial Production MoM	0.50%	—	-0.10%	—
02/16/22	Capacity Utilization	76.80%	—	76.50%	—
02/16/22	Manufacturing (SIC) Production	0.20%	—	-0.30%	—
02/16/22	Business Inventories	2.10%	—	1.30%	—
02/16/22	NAHB Housing Market Index	83	—	83	—
02/16/22	FOMC Meeting Minutes	—	—	—	—
02/17/22	Building Permits	1750k	—	1873k	1885k
02/17/22	Building Permits MoM	-7.20%	—	9.10%	9.80%
02/17/22	Housing Starts	1696k	—	1702k	—
02/17/22	Initial Jobless Claims	218k	—	223k	—
02/17/22	Continuing Claims	1605k	—	1621k	—
02/17/22	Housing Starts MoM	-0.40%	—	1.40%	—
02/17/22	Philadelphia Fed Business Outlook	20	—	23.2	—
02/18/22	Existing Home Sales	6.10m	—	6.18m	—
02/18/22	Existing Home Sales MoM	-1.30%	—	-4.60%	—
02/18/22	Leading Index	0.20%	—	0.80%	—

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