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 TimeEventSurveyActualPriorRevised
2/16/2021Empire Manufacturing612.13.5
2/16/2021Total Net TIC Flows$214.1b
2/16/2021Net Long-term TIC Flows$149.2b
2/17/2021MBA Mortgage Applications-4.10%
2/17/2021PPI Final Demand MoM0.40%0.30%
2/17/2021PPI Ex Food and Energy MoM0.20%0.10%
2/17/2021PPI Ex Food, Energy, Trade MoM0.20%0.40%
2/17/2021PPI Final Demand YoY0.90%0.80%
2/17/2021PPI Ex Food and Energy YoY1.10%1.20%
2/17/2021PPI Ex Food, Energy, Trade YoY1.00%1.10%
2/17/2021Retail Sales Advance MoM1.10%-0.70%
2/17/2021Retail Sales Ex Auto MoM1.00%-1.40%
2/17/2021Retail Sales Ex Auto and Gas0.80%-2.10%
2/17/2021Retail Sales Control Group1.00%-1.90%
2/17/2021Industrial Production MoM0.50%1.60%
2/17/2021Capacity Utilization74.90%74.50%
2/17/2021Manufacturing (SIC) Production0.70%0.90%
2/17/2021Business Inventories0.50%0.50%
2/17/2021NAHB Housing Market Index8383
2/17/2021FOMC Meeting Minutes
2/18/2021Building Permits MoM-1.50%4.50%4.20%
2/18/2021Building Permits1679k1709k1704k
2/18/2021Housing Starts1660k1669k
2/18/2021Housing Starts MoM-0.60%5.80%
2/18/2021Initial Jobless Claims770k793k
2/18/2021Import Price Index MoM1.00%0.90%
2/18/2021Continuing Claims4450k4545k
2/18/2021Import Price Index ex Petroleum MoM0.40%0.40%
2/18/2021Philadelphia Fed Business Outlook2026.5
2/18/2021Import Price Index YoY0.40%-0.30%
2/18/2021Export Price Index MoM0.80%1.10%
2/18/2021Export Price Index YoY0.20%
2/18/2021Bloomberg Consumer Comfort44.9
2/18/2021Bloomberg Economic Expectations39.5
2/19/2021Markit US Manufacturing PMI58.559.2
2/19/2021Markit US Composite PMI58.7
2/19/2021Markit US Services PMI57.958.3
2/19/2021Existing Home Sales6.60m6.76m
2/19/2021Existing Home Sales MoM-2.40%0.70%

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