June 13, 2022 Headlines

Treasury yields are sharply higher this morning with yields up roughly 10 bps across the curve. The 10-year is sitting at 3.27%, its highest level since 2011, and the 2-year is at its highest level since 2007. The market is now pricing in 175 bps of rate hikes from the Fed by September. Investors are concerned over the possibility of a hard landing as the Fed and other central banks work to combat inflation. We’ll get another look at price data with tomorrow’s PPI release which is expected to show an +0.8% m/m increase and +10.8% y/y.

Hafizan Hamzah
Senior Director, Investment Management Group

06/14/22NFIB Small Business OptimismMay9393.2
06/14/22PPI Final Demand MoMMay0.80%0.50%
06/14/22PPI Ex Food and Energy MoMMay0.60%0.40%
06/14/22PPI Ex Food, Energy, Trade MoMMay0.50%0.60%
06/14/22PPI Final Demand YoYMay10.80%11.00%
06/14/22PPI Ex Food and Energy YoYMay8.60%8.80%
06/14/22PPI Ex Food, Energy, Trade YoYMay6.90%
06/15/22MBA Mortgage Applications10-Jun-6.50%
06/15/22Empire ManufacturingJun3-11.6
06/15/22Retail Sales Advance MoMMay0.10%0.90%
06/15/22Retail Sales Ex Auto MoMMay0.70%0.60%
06/15/22Retail Sales Ex Auto and GasMay0.40%1.00%
06/15/22Retail Sales Control GroupMay0.40%1.00%
06/15/22Import Price Index MoMMay1.10%0.00%
06/15/22Import Price Index ex Petroleum MoMMay0.50%0.40%
06/15/22Import Price Index YoYMay11.90%12.00%
06/15/22Export Price Index MoMMay1.20%0.60%
06/15/22Export Price Index YoYMay18.00%
06/15/22Business InventoriesApr1.20%2.00%
06/15/22NAHB Housing Market IndexJun6869
06/15/22FOMC Rate Decision (Lower Bound)15-Jun1.25%0.75%
06/15/22FOMC Rate Decision (Upper Bound)15-Jun1.50%1.00%
06/15/22Interest on Reserve Balances Rate16-Jun1.40%0.90%
06/15/22Net Long-term TIC FlowsApr$23.1b
06/15/22Total Net TIC FlowsApr$149.2b
06/16/22Building PermitsMay1783k1819k
06/16/22Building Permits MoMMay-2.20%-3.20%
06/16/22Housing StartsMay1703k1724k
06/16/22Housing Starts MoMMay-1.20%-0.20%
06/16/22Philadelphia Fed Business OutlookJun52.6
06/16/22Initial Jobless Claims11-Jun215k229k
06/16/22Continuing Claims4-Jun1301k1306k
06/17/22Industrial Production MoMMay0.40%1.10%
06/17/22Capacity UtilizationMay79.20%79.00%
06/17/22Manufacturing (SIC) ProductionMay0.30%0.80%
06/17/22Leading IndexMay-0.40%-0.30%

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