June 16, 2021 Headlines

It’s a relatively quiet morning in financial markets ahead of this afternoon’s FOMC meeting. With no major policy changes expected, market participants will be looking for any hints of hawkishness toward inflation risks from Powell or the updated summary of economic projections. The other question mark for today is whether or not the Fed announces an upward adjustment to the Fed’s IOER and reverse repo rates to combat supply/demand imbalances in the money markets. Following three consecutive weekly declines, the MBA mortgage applications index rose 4.2% last week, including a 5.5% increase in refinance applications. Both purchase and refinance activity remain above historical averages, but the two categories were down 17.2% and 22.2%, respectively, on a year-over-year basis.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
6/16/2021MBA Mortgage Applications4.20%-3.10%
6/16/2021Housing Starts1630k1572k1569k1517k
6/16/2021Housing Starts MoM3.90%3.60%-9.50%-12.10%
6/16/2021Building Permits1730k1681k1760k1733k
6/16/2021Building Permits MoM-0.20%-3.00%0.30%-1.30%
6/16/2021Import Price Index MoM0.80%1.10%0.70%0.80%
6/16/2021Import Price Index ex Petroleum MoM0.50%0.90%0.70%
6/16/2021Import Price Index YoY10.90%11.30%10.60%10.80%
6/16/2021Export Price Index MoM0.80%2.20%0.80%1.10%
6/16/2021Export Price Index YoY15.20%17.40%14.40%14.90%
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 Outlook30.531.5
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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