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

06/14/22NFIB Small Business Optimism9393.193.2
06/14/22PPI Final Demand MoM0.80%0.80%0.50%0.40%
06/14/22PPI Ex Food and Energy MoM0.60%0.50%0.40%0.20%
06/14/22PPI Ex Food, Energy, Trade MoM0.50%0.50%0.60%0.40%
06/14/22PPI Final Demand YoY10.90%10.80%11.00%10.90%
06/14/22PPI Ex Food and Energy YoY8.60%8.30%8.80%8.60%
06/14/22PPI Ex Food, Energy, Trade YoY6.90%6.80%6.90%6.80%
06/15/22MBA Mortgage Applications6.60%-6.50%
06/15/22Empire Manufacturing2.3-1.2-11.6
06/15/22Retail Sales Advance MoM0.10%-0.30%0.90%0.70%
06/15/22Retail Sales Ex Auto MoM0.70%0.50%0.60%0.40%
06/15/22Retail Sales Ex Auto and Gas0.40%0.10%1.00%0.80%
06/15/22Retail Sales Control Group0.30%0.00%1.00%0.50%
06/15/22Import Price Index MoM1.10%0.60%0.00%0.40%
06/15/22Import Price Index ex Petroleum MoM0.60%-0.10%0.40%0.50%
06/15/22Import Price Index YoY11.90%11.70%12.00%12.50%
06/15/22Export Price Index MoM1.30%2.80%0.60%0.80%
06/15/22Export Price Index YoY18.90%18.00%18.30%
06/15/22Business Inventories1.20%1.20%2.00%2.40%
06/15/22NAHB Housing Market Index676769
06/15/22FOMC Rate Decision (Upper Bound)1.50%1.75%1.00%
06/15/22FOMC Rate Decision (Lower Bound)1.25%1.50%0.75%
06/15/22Interest on Reserve Balances Rate1.65%1.65%0.90%
06/15/22Net Long-term TIC Flows$87.7b$23.1b
06/15/22Total Net TIC Flows$1.3b$149.2b$108.7b
06/16/22Housing Starts1693k1549k1724k1810k
06/16/22Building Permits1778k1695k1819k1823k
06/16/22Housing Starts MoM-1.80%-14.40%-0.20%5.50%
06/16/22Building Permits MoM-2.50%-7.00%-3.20%-3.00%
06/16/22Philadelphia Fed Business Outlook5-3.32.6
06/16/22Initial Jobless Claims217k229k229k232k
06/16/22Continuing Claims1304k1312k1306k1309k
06/17/22Industrial Production MoM0.40%0.20%1.10%1.40%
06/17/22Capacity Utilization79.20%79.00%79.00%78.90%
06/17/22Manufacturing (SIC) Production0.30%-0.10%0.80%
06/17/22Leading Index-0.40%-0.30%

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