February 16, 2021 Headlines

.S. equity markets are set to open higher following the extended holiday weekend, as support for risk assets continues to permeate behind monetary and fiscal support; Treasuries sold off into the morning, the with the 10-year up 4.5 bps. The ongoing energy crisis in the southern United States has dominated headlines over the weekend, pushing Brent crude above $60 per barrel for the first time in over a year. 5 million Americans remain without power Tuesday morning, led by Texas with over 4 million. Texas grid operators, run by the Electric Reliability Council of Texas (or ERCOT), said this morning they “expect to have electricity restored in the state by Tuesday afternoon or evening”. On the economic calendar this week, minutes from the January FOMC meeting are due Wednesday, with U.S. retail sales figures announced the same day.

Michael Oravetz
Senior Director, Investment Management Group

Date Time Event Survey Actual Prior Revised
2/16/2021 Empire Manufacturing 6 12.1 3.5 —
2/16/2021 Total Net TIC Flows — — $214.1b —
2/16/2021 Net Long-term TIC Flows — — $149.2b —
2/17/2021 MBA Mortgage Applications — — -4.10% —
2/17/2021 PPI Final Demand MoM 0.40% — 0.30% —
2/17/2021 PPI Ex Food and Energy MoM 0.20% — 0.10% —
2/17/2021 PPI Ex Food, Energy, Trade MoM 0.20% — 0.40% —
2/17/2021 PPI Final Demand YoY 0.90% — 0.80% —
2/17/2021 PPI Ex Food and Energy YoY 1.10% — 1.20% —
2/17/2021 PPI Ex Food, Energy, Trade YoY 1.00% — 1.10% —
2/17/2021 Retail Sales Advance MoM 1.10% — -0.70% —
2/17/2021 Retail Sales Ex Auto MoM 1.00% — -1.40% —
2/17/2021 Retail Sales Ex Auto and Gas 0.80% — -2.10% —
2/17/2021 Retail Sales Control Group 1.00% — -1.90% —
2/17/2021 Industrial Production MoM 0.50% — 1.60% —
2/17/2021 Capacity Utilization 74.90% — 74.50% —
2/17/2021 Manufacturing (SIC) Production 0.70% — 0.90% —
2/17/2021 Business Inventories 0.50% — 0.50% —
2/17/2021 NAHB Housing Market Index 83 — 83 —
2/17/2021 FOMC Meeting Minutes — — — —
2/18/2021 Building Permits MoM -1.50% — 4.50% 4.20%
2/18/2021 Building Permits 1679k — 1709k 1704k
2/18/2021 Housing Starts 1660k — 1669k —
2/18/2021 Housing Starts MoM -0.60% — 5.80% —
2/18/2021 Initial Jobless Claims 770k — 793k —
2/18/2021 Import Price Index MoM 1.00% — 0.90% —
2/18/2021 Continuing Claims 4450k — 4545k —
2/18/2021 Import Price Index ex Petroleum MoM 0.40% — 0.40% —
2/18/2021 Philadelphia Fed Business Outlook 20 — 26.5 —
2/18/2021 Import Price Index YoY 0.40% — -0.30% —
2/18/2021 Export Price Index MoM 0.80% — 1.10% —
2/18/2021 Export Price Index YoY — — 0.20% —
2/18/2021 Bloomberg Consumer Comfort — — 44.9 —
2/18/2021 Bloomberg Economic Expectations — — 39.5 —
2/19/2021 Markit US Manufacturing PMI 58.5 — 59.2 —
2/19/2021 Markit US Composite PMI — — 58.7 —
2/19/2021 Markit US Services PMI 57.9 — 58.3 —
2/19/2021 Existing Home Sales 6.60m — 6.76m —
2/19/2021 Existing Home Sales MoM -2.40% — 0.70% —
2/19/2021

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