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

02/15/22PPI Final Demand MoM0.50%0.20%0.30%
02/15/22PPI Ex Food and Energy MoM0.40%0.50%
02/15/22PPI Ex Food, Energy, Trade MoM0.40%0.40%0.30%
02/15/22PPI Final Demand YoY9.10%9.70%
02/15/22PPI Ex Food and Energy YoY7.80%8.30%
02/15/22PPI Ex Food, Energy, Trade YoY6.30%6.90%
02/15/22Empire Manufacturing12-0.7
02/15/22Net Long-term TIC Flows$137.4b
02/15/22Total Net TIC Flows$223.9b
02/16/22MBA Mortgage Applications-8.10%
02/16/22Retail Sales Advance MoM2.00%-1.90%
02/16/22Retail Sales Ex Auto MoM1.00%-2.30%
02/16/22Retail Sales Ex Auto and Gas1.00%-2.50%
02/16/22Retail Sales Control Group1.40%-3.10%
02/16/22Import Price Index MoM1.20%-0.20%
02/16/22Import Price Index ex Petroleum MoM0.40%0.30%
02/16/22Import Price Index YoY9.80%10.40%
02/16/22Export Price Index MoM1.10%-1.80%
02/16/22Export Price Index YoY14.70%
02/16/22Industrial Production MoM0.50%-0.10%
02/16/22Capacity Utilization76.80%76.50%
02/16/22Manufacturing (SIC) Production0.20%-0.30%
02/16/22Business Inventories2.10%1.30%
02/16/22NAHB Housing Market Index8383
02/16/22FOMC Meeting Minutes
02/17/22Building Permits1750k1873k1885k
02/17/22Building Permits MoM-7.20%9.10%9.80%
02/17/22Housing Starts1696k1702k
02/17/22Initial Jobless Claims218k223k
02/17/22Continuing Claims1605k1621k
02/17/22Housing Starts MoM-0.40%1.40%
02/17/22Philadelphia Fed Business Outlook2023.2
02/18/22Existing Home Sales6.10m6.18m
02/18/22Existing Home Sales MoM-1.30%-4.60%
02/18/22Leading Index0.20%0.80%


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