February 15, 2022 Headlines

Risk markets rebounded overnight after Russia said it was pulling back troops from the Ukraine border. S&P 500 futures are up 1.25% less than 30 minutes before the open, although the rally has faded somewhat following a big increase in producer prices for January. The producer price index (PPI) rose 1% last month, double expectations, and the index surged 9.7% on a year-over-year basis (9.1% expected), just below the record high of 9.8% from last November. Front-end Treasury yields are holding fairly well following the PPI release, but long-end yields are up another 5 bps so far this morning (10yr at 2.04%).  

Jason Haley
Chief Investment Officer

02/15/22PPI Final Demand MoM0.50%1.00%0.20%0.40%
02/15/22PPI Ex Food and Energy MoM0.50%0.80%0.50%0.60%
02/15/22PPI Ex Food, Energy, Trade MoM0.40%0.90%0.40%0.40%
02/15/22PPI Final Demand YoY9.10%9.70%9.70%9.80%
02/15/22PPI Ex Food and Energy YoY7.90%8.30%8.30%8.50%
02/15/22PPI Ex Food, Energy, Trade YoY6.30%6.90%6.90%7.00%
02/15/22Empire Manufacturing123.1-0.7
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 MoM0.90%-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 YoY9.90%10.40%
02/16/22Export Price Index MoM1.20%-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 Index8283
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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