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

Date	Event	Surv(M)	Actual	Prior	Revised
02/15/22	PPI Final Demand MoM	0.50%	1.00%	0.20%	0.40%
02/15/22	PPI Ex Food and Energy MoM	0.50%	0.80%	0.50%	0.60%
02/15/22	PPI Ex Food, Energy, Trade MoM	0.40%	0.90%	0.40%	0.40%
02/15/22	PPI Final Demand YoY	9.10%	9.70%	9.70%	9.80%
02/15/22	PPI Ex Food and Energy YoY	7.90%	8.30%	8.30%	8.50%
02/15/22	PPI Ex Food, Energy, Trade YoY	6.30%	6.90%	6.90%	7.00%
02/15/22	Empire Manufacturing	12	3.1	-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	0.90%	—	-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	9.90%	—	10.40%	—
02/16/22	Export Price Index MoM	1.20%	—	-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	82	—	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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