The curve steepened overnight in response to increased European and US supply, with the 10-year settling in at 2.52 currently. The spread between the 2 and 10-year parts of the curve is sitting at 56 bps, up 4 bps from yesterday’s close; but even with this increase, the curve is at its flattest level since the crisis. Risk assets rallied, with the Nikkei up 0.6% and oil up 0.2%. Today is light in terms of economic data with only the NFIB Small Business Optimism Index reading in addition to the JOLTS job openings number on the docket.
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 | — | 5996 | — |
| 01/10 | MBA Mortgage Applications | — | — | 0.70% | — |
| 01/10 | Import Price Index MoM | 0.40% | — | 0.70% | — |
| 01/10 | Import Price Index ex Petroleum MoM | 0.10% | — | 0.10% | — |
| 01/10 | Import Price Index YoY | 3.10% | — | 3.10% | — |
| 01/10 | Export Price Index MoM | 0.30% | — | 0.50% | — |
| 01/10 | Export Price Index YoY | — | — | 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 | 246.362 | — | 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% | — |