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
Date | Event | Survey | Actual | Prior | Revised |
1/11/2022 | NFIB Small Business Optimism | 98.7 | 98.9 | 98.4 | — |
1/12/2022 | MBA Mortgage Applications | — | — | -5.60% | — |
1/12/2022 | CPI MoM | 0.40% | — | 0.80% | — |
1/12/2022 | CPI Ex Food and Energy MoM | 0.50% | — | 0.50% | — |
1/12/2022 | CPI YoY | 7.00% | — | 6.80% | — |
1/12/2022 | CPI Ex Food and Energy YoY | 5.40% | — | 4.90% | — |
1/12/2022 | CPI Index NSA | 278.754 | — | 277.948 | — |
1/12/2022 | CPI Core Index SA | 284.611 | — | 283.201 | — |
1/12/2022 | Real Avg Weekly Earnings YoY | — | — | -1.90% | — |
1/12/2022 | Real Avg Hourly Earning YoY | — | — | -1.90% | -1.70% |
1/12/2022 | Monthly Budget Statement | -$5.0b | — | -$191.3b | — |
1/12/2022 | U.S. Federal Reserve Releases Beige Book | ||||
1/13/2022 | PPI Final Demand MoM | 0.40% | — | 0.80% | — |
1/13/2022 | PPI Ex Food and Energy MoM | 0.50% | — | 0.70% | — |
1/13/2022 | PPI Ex Food, Energy, Trade MoM | 0.40% | — | 0.70% | — |
1/13/2022 | PPI Final Demand YoY | 9.80% | — | 9.60% | — |
1/13/2022 | PPI Ex Food and Energy YoY | 8.00% | — | 7.70% | — |
1/13/2022 | PPI Ex Food, Energy, Trade YoY | 6.90% | — | 6.90% | — |
1/13/2022 | Initial Jobless Claims | 200k | — | 207k | — |
1/13/2022 | Continuing Claims | 1735k | — | 1754k | — |
1/14/2022 | Retail Sales Advance MoM | 0.00% | — | 0.30% | — |
1/14/2022 | Retail Sales Ex Auto MoM | 0.20% | — | 0.30% | — |
1/14/2022 | Retail Sales Ex Auto and Gas | -0.20% | — | 0.20% | — |
1/14/2022 | Retail Sales Control Group | 0.00% | — | -0.10% | — |
1/14/2022 | Import Price Index MoM | 0.20% | — | 0.70% | — |
1/14/2022 | Import Price Index ex Petroleum MoM | 0.60% | — | 0.70% | — |
1/14/2022 | Import Price Index YoY | 10.80% | — | 11.70% | — |
1/14/2022 | Export Price Index MoM | 0.30% | — | 1.00% | — |
1/14/2022 | Export Price Index YoY | 16.00% | — | 18.20% | — |
1/14/2022 | Bloomberg Jan. United States Economic Survey | ||||
1/14/2022 | Industrial Production MoM | 0.20% | — | 0.50% | — |
1/14/2022 | Capacity Utilization | 77.00% | — | 76.80% | — |
1/14/2022 | Manufacturing (SIC) Production | 0.40% | — | 0.70% | — |
1/14/2022 | Business Inventories | 1.30% | — | 1.20% | — |
1/14/2022 | U. of Mich. Sentiment | 70 | — | 70.6 | — |
1/14/2022 | U. of Mich. Current Conditions | 73.5 | — | 74.2 | — |
1/14/2022 | U. of Mich. Expectations | 66.5 | — | 68.3 | — |
1/14/2022 | U. of Mich. 1 Yr Inflation | 4.80% | — | 4.80% | — |
1/14/2022 | U. of Mich. 5-10 Yr Inflation | — | — | 2.90% | — |
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