June 14, 2021 Headlines

U.S. markets are little changed to start the week with most eyes on Wednesday’s FOMC meeting. While no policy changes are expected from the Fed, market participants will be fixated on any discussion of QE tapering. Money market investors and depository institutions will also be watching for any change in the Fed’s administered rates (reverse repo and IOER). A combination of high liquidity and reduced Treasury bill issuance has contributed to record demand for the Fed’s reverse repo facility, which pays 0% on funds invested in the facility. However, the effective fed funds rate has continued to hold at 5 basis points or higher, which may lead the Fed to keep things unchanged at this week’s meeting. Beyond the Fed, the May retail sales report will be released tomorrow.
Jason Haley
Chief Investment Officer

6/15/2021Retail Sales Advance MoM-0.60%0.00%
6/15/2021Retail Sales Ex Auto MoM0.40%-0.80%
6/15/2021Retail Sales Ex Auto and Gas0.10%-0.80%
6/15/2021Retail Sales Control Group-0.50%-1.50%
6/15/2021Empire Manufacturing22.524.3
6/15/2021PPI Final Demand MoM0.50%0.60%
6/15/2021PPI Ex Food and Energy MoM0.50%0.70%
6/15/2021PPI Ex Food, Energy, Trade MoM0.50%0.70%
6/15/2021PPI Final Demand YoY6.20%6.20%
6/15/2021PPI Ex Food and Energy YoY4.80%4.10%
6/15/2021PPI Ex Food, Energy, Trade YoY4.60%
6/15/2021Capacity Utilization75.10%74.90%74.60%
6/15/2021Industrial Production MoM0.60%0.70%0.50%
6/15/2021Manufacturing (SIC) Production0.80%0.40%
6/15/2021Business Inventories-0.10%0.30%
6/15/2021NAHB Housing Market Index8383
6/15/2021Total Net TIC Flows$146.4b
6/15/2021Net Long-term TIC Flows$262.2b
6/16/2021MBA Mortgage Applications-3.10%
6/16/2021Building Permits MoM-0.20%0.30%-1.30%
6/16/2021Building Permits1730k1760k1733k
6/16/2021Housing Starts1640k1569k
6/16/2021Housing Starts MoM4.50%-9.50%
6/16/2021Import Price Index MoM0.70%0.70%
6/16/2021Import Price Index ex Petroleum MoM0.50%0.70%
6/16/2021Import Price Index YoY10.80%10.60%
6/16/2021Export Price Index MoM0.80%0.80%
6/16/2021Export Price Index YoY14.40%
6/16/2021FOMC Rate Decision (Lower Bound)0.00%0.00%
6/16/2021FOMC Rate Decision (Upper Bound)0.25%0.25%
6/16/2021Interest Rate on Excess Reserves0.10%0.10%
6/17/2021Philadelphia Fed Business Outlook3131.5
6/17/2021Initial Jobless Claims360k376k
6/17/2021Continuing Claims3425k3499k
6/17/2021Langer Consumer Comfort55.4
6/17/2021Leading Index1.30%1.60%

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