January 14, 2022 Headlines

Weaker than expected bank earnings in Q4 is weighing on U.S. stocks ahead of the open, with S&P 500 futures down 0.7%. While bank performance lagged looking backward, higher rates and a steeper curve are positive for general bank earnings looking forward. Treasury yields are up 2-3 basis points ahead of today’s round of economic data, starting with December retail sales. The preliminary January University of Michigan consumer confidence survey will be released later as well, perhaps providing fresh insight on consumer concerns related to inflation. New York Fed President John Williams will speak before the Council on Foreign Relations before noon today. 

Jason Haley
Chief Investment Officer

01/10/22Wholesale Inventories MoM1.20%1.40%1.20%
01/10/22Wholesale Trade Sales MoM1.00%1.30%2.20%2.50%
01/11/22NFIB Small Business Optimism98.798.998.4
01/12/22MBA Mortgage Applications1.40%-5.60%
01/12/22CPI MoM0.40%0.50%0.80%
01/12/22CPI Ex Food and Energy MoM0.50%0.60%0.50%
01/12/22CPI YoY7.00%7.00%6.80%
01/12/22CPI Ex Food and Energy YoY5.40%5.50%4.90%
01/12/22CPI Index NSA278.738278.802277.948
01/12/22CPI Core Index SA284.611284.759283.201
01/12/22Real Avg Weekly Earnings YoY-2.30%-1.90%
01/12/22Real Avg Hourly Earning YoY-2.40%-1.90%-1.70%
01/12/22Monthly Budget Statement-$5.0b-$21.3b-$143.6b
01/12/22U.S. Federal Reserve Releases Beige Book
01/13/22PPI Final Demand MoM0.40%0.20%0.80%1.00%
01/13/22PPI Ex Food and Energy MoM0.50%0.50%0.70%0.90%
01/13/22PPI Ex Food, Energy, Trade MoM0.50%0.40%0.70%0.80%
01/13/22PPI Final Demand YoY9.80%9.70%9.60%9.80%
01/13/22PPI Ex Food and Energy YoY8.00%8.30%7.70%7.90%
01/13/22PPI Ex Food, Energy, Trade YoY6.90%6.90%6.90%
01/13/22Initial Jobless Claims200k230k207k
01/13/22Continuing Claims1733k1559k1754k1753k
01/14/22Retail Sales Advance MoM-0.10%-1.90%0.30%0.20%
01/14/22Retail Sales Ex Auto MoM0.10%-2.30%0.30%0.10%
01/14/22Retail Sales Ex Auto and Gas-0.20%-2.50%0.20%-0.10%
01/14/22Retail Sales Control Group0.00%-3.10%-0.10%-0.50%
01/14/22Import Price Index MoM0.20%-0.20%0.70%
01/14/22Import Price Index ex Petroleum MoM0.60%0.30%0.70%
01/14/22Import Price Index YoY10.80%10.40%11.70%
01/14/22Export Price Index MoM0.30%-1.80%1.00%0.80%
01/14/22Export Price Index YoY16.00%14.70%18.20%
01/14/22Bloomberg Jan. United States Economic Survey
01/14/22Industrial Production MoM0.20%0.50%
01/14/22Capacity Utilization77.00%76.80%
01/14/22Manufacturing (SIC) Production0.30%0.70%
01/14/22Business Inventories1.30%1.20%
01/14/22U. of Mich. Sentiment7070.6
01/14/22U. of Mich. Current Conditions73.874.2
01/14/22U. of Mich. Expectations6768.3
01/14/22U. of Mich. 1 Yr Inflation4.80%4.80%
01/14/22U. of Mich. 5-10 Yr Inflation2.90%

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