In Asia, US Treasury yields pushed higher, lead by the belly of the curve, as the 5 year almost touched 3%. However, by the London open, Treasuries were unchanged. Equities are opening higher with the S&P 500 currently up +.79% and the NASDAQ +1.01%. This morning, the market is focused on the CPI reading which came in as expected at .3% MoM and MBA mortgage applications which declined 3.2% compared to -0.7% prior.

Chris Eckhoff
Associate, Investment Management Group


11/13NFIB Small Business Optimism108107.4107.9
11/13Monthly Budget Statement-$100.0b-$100.5b-$63.2b
11/14MBA Mortgage Applications-3.20%-0.70%
11/14CPI MoM0.30%0.30%0.10%
11/14CPI Ex Food and Energy MoM0.20%0.20%0.10%
11/14CPI YoY2.50%2.50%2.30%
11/14CPI Ex Food and Energy YoY2.20%2.10%2.20%
11/14CPI Index NSA252.828252.885252.439
11/14CPI Core Index SA258.947258.939258.441
11/14Real Avg Weekly Earnings YoY0.90%1.10%
11/14Real Avg Hourly Earning YoY0.70%0.50%
11/15Empire Manufacturing2021.1
11/15Philadelphia Fed Business Outlook2022.2
11/15Retail Sales Advance MoM0.50%0.10%
11/15Retail Sales Ex Auto MoM0.50%-0.10%
11/15Retail Sales Ex Auto and Gas0.40%0.00%
11/15Retail Sales Control Group0.40%0.50%
11/15Import Price Index MoM0.10%0.50%
11/15Import Price Index ex Petroleum MoM0.00%0.00%
11/15Import Price Index YoY3.30%3.50%
11/15Export Price Index MoM0.10%0.00%
11/15Export Price Index YoY2.70%
11/15Initial Jobless Claims213k214k
11/15Continuing Claims1625k1623k
11/15Bloomberg Consumer Comfort61.3
11/15Business Inventories0.30%0.50%
11/16Industrial Production MoM0.20%0.30%
11/16Capacity Utilization78.20%78.10%
11/16Manufacturing (SIC) Production0.20%0.20%
11/16Kansas City Fed Manf. Activity118
11/16Total Net TIC Flows$108.2b
11/16Net Long-term TIC Flows$131.8b