January 11, 2022 Headlines

Treasuries continue to lack buying conviction amid heavier supply, particularly in the front-end and belly of the yield curve. Yields are 2-3 basis points higher on the front-end ahead of today’s $52 billion 3-year note auction. It was a relatively quiet overnight session as well as the market awaits tomorrow’s CPI report and a slew of Fed speakers. The latter includes Jerome Powell’s confirmation hearing before the Senate, and his prepared remarks simply reiterate a general commitment to “prevent higher inflation from becoming entrenched.”  Corporate bond issuance is off to a torrid pace in 2022, further fueling the sell-off in Treasuries. Global issuance reached $101 billion in the first week of the year, trailing only $118 billion in 2021 according to Refinitiv records going back 19 years.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
1/11/2022NFIB Small Business Optimism98.798.998.4
1/12/2022MBA Mortgage Applications-5.60%
1/12/2022CPI MoM0.40%0.80%
1/12/2022CPI Ex Food and Energy MoM0.50%0.50%
1/12/2022CPI YoY7.00%6.80%
1/12/2022CPI Ex Food and Energy YoY5.40%4.90%
1/12/2022CPI Index NSA278.754277.948
1/12/2022CPI Core Index SA284.611283.201
1/12/2022Real Avg Weekly Earnings YoY-1.90%
1/12/2022Real Avg Hourly Earning YoY-1.90%-1.70%
1/12/2022Monthly Budget Statement-$5.0b-$191.3b
1/12/2022U.S. Federal Reserve Releases Beige Book
1/13/2022PPI Final Demand MoM0.40%0.80%
1/13/2022PPI Ex Food and Energy MoM0.50%0.70%
1/13/2022PPI Ex Food, Energy, Trade MoM0.40%0.70%
1/13/2022PPI Final Demand YoY9.80%9.60%
1/13/2022PPI Ex Food and Energy YoY8.00%7.70%
1/13/2022PPI Ex Food, Energy, Trade YoY6.90%6.90%
1/13/2022Initial Jobless Claims200k207k
1/13/2022Continuing Claims1735k1754k
1/14/2022Retail Sales Advance MoM0.00%0.30%
1/14/2022Retail Sales Ex Auto MoM0.20%0.30%
1/14/2022Retail Sales Ex Auto and Gas-0.20%0.20%
1/14/2022Retail Sales Control Group0.00%-0.10%
1/14/2022Import Price Index MoM0.20%0.70%
1/14/2022Import Price Index ex Petroleum MoM0.60%0.70%
1/14/2022Import Price Index YoY10.80%11.70%
1/14/2022Export Price Index MoM0.30%1.00%
1/14/2022Export Price Index YoY16.00%18.20%
1/14/2022Bloomberg Jan. United States Economic Survey
1/14/2022Industrial Production MoM0.20%0.50%
1/14/2022Capacity Utilization77.00%76.80%
1/14/2022Manufacturing (SIC) Production0.40%0.70%
1/14/2022Business Inventories1.30%1.20%
1/14/2022U. of Mich. Sentiment7070.6
1/14/2022U. of Mich. Current Conditions73.574.2
1/14/2022U. of Mich. Expectations66.568.3
1/14/2022U. of Mich. 1 Yr Inflation4.80%4.80%
1/14/2022U. of Mich. 5-10 Yr Inflation2.90%

 

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.