The selloff in Treasuries continues after Bloomberg published a report stating that Chinese government officials find Treasuries less appealing and have recommended slowing or stopping further purchases. To compound matters, the Treasury will be auctioning off new 10-year and 30-year notes and the increased supply has put further pressure on prices. The curve has continued to steepen, and the spread between the 2 and 10 year parts of the curve now sits at 61 bps, a 9 bps increase from last Friday’s close. The MBA mortgage applications index rose 8.3% last week, with the biggest increase coming from an 11.4% uptick in refi activity.
Hafizan Hamzah
Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 01/08 | Consumer Credit | $18.000b | $27.951b | $20.519b | $20.532b |
| 01/09 | NFIB Small Business Optimism | 107.8 | 104.9 | 107.5 | — |
| 01/09 | JOLTS Job Openings | 6025 | 5879 | 5996 | 5925 |
| 01/10 | MBA Mortgage Applications | — | 8.30% | 0.70% | -1.60% |
| 01/10 | Import Price Index MoM | 0.40% | 0.10% | 0.70% | 0.80% |
| 01/10 | Import Price Index ex Petroleum MoM | 0.10% | -0.20% | 0.10% | 0.20% |
| 01/10 | Import Price Index YoY | 3.10% | 3.00% | 3.10% | 3.30% |
| 01/10 | Export Price Index MoM | 0.30% | -0.10% | 0.50% | — |
| 01/10 | Export Price Index YoY | — | 2.60% | 3.10% | — |
| 01/10 | Wholesale Inventories MoM | 0.70% | — | 0.70% | — |
| 01/10 | Wholesale Trade Sales MoM | 0.60% | — | 0.70% | — |
| 01/11 | PPI Final Demand MoM | 0.20% | — | 0.40% | — |
| 01/11 | PPI Ex Food and Energy MoM | 0.20% | — | 0.30% | — |
| 01/11 | PPI Ex Food, Energy, Trade MoM | 0.20% | — | 0.40% | — |
| 01/11 | PPI Final Demand YoY | 3.00% | — | 3.10% | — |
| 01/11 | PPI Ex Food and Energy YoY | 2.50% | — | 2.40% | — |
| 01/11 | PPI Ex Food, Energy, Trade YoY | — | — | 2.40% | — |
| 01/11 | Initial Jobless Claims | 245k | — | 250k | — |
| 01/11 | Continuing Claims | 1920k | — | 1914k | — |
| 01/11 | Revisions: Philadelphia Fed Manufacturing Index | ||||
| 01/11 | Bloomberg Jan. United States Economic Survey | ||||
| 01/11 | Bloomberg Consumer Comfort | — | — | 51.8 | — |
| 01/11 | Monthly Budget Statement | -$26.5b | — | -$138.5b | — |
| 01/12 | CPI MoM | 0.10% | — | 0.40% | — |
| 01/12 | CPI Ex Food and Energy MoM | 0.20% | — | 0.10% | — |
| 01/12 | CPI YoY | 2.10% | — | 2.20% | — |
| 01/12 | CPI Ex Food and Energy YoY | 1.70% | — | 1.70% | — |
| 01/12 | CPI Index NSA | 246.372 | — | 246.669 | — |
| 01/12 | CPI Core Index SA | — | — | 253.724 | — |
| 01/12 | Retail Sales Advance MoM | 0.50% | — | 0.80% | — |
| 01/12 | Retail Sales Ex Auto MoM | 0.40% | — | 1.00% | — |
| 01/12 | Retail Sales Ex Auto and Gas | 0.40% | — | 0.80% | — |
| 01/12 | Retail Sales Control Group | 0.40% | — | 0.80% | — |
| 01/12 | Real Avg Weekly Earnings YoY | — | — | 0.80% | — |
| 01/12 | Real Avg Hourly Earning YoY | — | — | 0.20% | — |
| 01/12 | Business Inventories | 0.40% | — | -0.10% | — |