June 17, 2022 Headlines

Treasury yields are 2-3 bps higher this morning with the 10-year sitting at 3.21%. Equity futures are in the green this morning, the S&P +0.179% and Dow +0.067%. Mortgage rates continue to rise, and Freddie Mac’s Primary Mortgage Market Survey (PMMS) showed 30-year rates hitting 5.78%, it’s highest level since 2008. As it currently stands, less than 1% of the MBS universe has at least 50 bps of refi incentive and nearly 80% of borrowers are 200 bps out of the money.

As a reminder, the market will be closed Monday in observance of Juneteenth.

Hafizan Hamzah
Senior Director, Investment Management Group

Date	Event	Surv(M)	Actual	Prior	Revised
06/14/22	NFIB Small Business Optimism	93	93.1	93.2	—
06/14/22	PPI Final Demand MoM	0.80%	0.80%	0.50%	0.40%
06/14/22	PPI Ex Food and Energy MoM	0.60%	0.50%	0.40%	0.20%
06/14/22	PPI Ex Food, Energy, Trade MoM	0.50%	0.50%	0.60%	0.40%
06/14/22	PPI Final Demand YoY	10.90%	10.80%	11.00%	10.90%
06/14/22	PPI Ex Food and Energy YoY	8.60%	8.30%	8.80%	8.60%
06/14/22	PPI Ex Food, Energy, Trade YoY	6.90%	6.80%	6.90%	6.80%
06/15/22	MBA Mortgage Applications	—	6.60%	-6.50%	—
06/15/22	Empire Manufacturing	2.3	-1.2	-11.6	—
06/15/22	Retail Sales Advance MoM	0.10%	-0.30%	0.90%	0.70%
06/15/22	Retail Sales Ex Auto MoM	0.70%	0.50%	0.60%	0.40%
06/15/22	Retail Sales Ex Auto and Gas	0.40%	0.10%	1.00%	0.80%
06/15/22	Retail Sales Control Group	0.30%	0.00%	1.00%	0.50%
06/15/22	Import Price Index MoM	1.10%	0.60%	0.00%	0.40%
06/15/22	Import Price Index ex Petroleum MoM	0.60%	-0.10%	0.40%	0.50%
06/15/22	Import Price Index YoY	11.90%	11.70%	12.00%	12.50%
06/15/22	Export Price Index MoM	1.30%	2.80%	0.60%	0.80%
06/15/22	Export Price Index YoY	—	18.90%	18.00%	18.30%
06/15/22	Business Inventories	1.20%	1.20%	2.00%	2.40%
06/15/22	NAHB Housing Market Index	67	67	69	—
06/15/22	FOMC Rate Decision (Upper Bound)	1.50%	1.75%	1.00%	—
06/15/22	FOMC Rate Decision (Lower Bound)	1.25%	1.50%	0.75%	—
06/15/22	Interest on Reserve Balances Rate	1.65%	1.65%	0.90%	—
06/15/22	Net Long-term TIC Flows	—	$87.7b	$23.1b	—
06/15/22	Total Net TIC Flows	—	$1.3b	$149.2b	$108.7b
06/16/22	Housing Starts	1693k	1549k	1724k	1810k
06/16/22	Building Permits	1778k	1695k	1819k	1823k
06/16/22	Housing Starts MoM	-1.80%	-14.40%	-0.20%	5.50%
06/16/22	Building Permits MoM	-2.50%	-7.00%	-3.20%	-3.00%
06/16/22	Philadelphia Fed Business Outlook	5	-3.3	2.6	—
06/16/22	Initial Jobless Claims	217k	229k	229k	232k
06/16/22	Continuing Claims	1304k	1312k	1306k	1309k
06/17/22	Industrial Production MoM	0.40%	0.20%	1.10%	1.40%
06/17/22	Capacity Utilization	79.20%	79.00%	79.00%	78.90%
06/17/22	Manufacturing (SIC) Production	0.30%	-0.10%	0.80%	—
06/17/22	Leading Index	-0.40%	—	-0.30%	—

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