November 17, 2021 Headlines

It was a relatively quiet overnight session ahead of today’s roster of Fed speakers. Treasury yields and U.S. equity futures are little changed to start the day. There will be seven different Fed leaders speaking today, including two Fed governors and the New York Fed president, and markets will be listening for any reactions to the October inflation data released last week. On that note, CoreLogic reported that single-family rent prices rose 10.2% y/y in September, the fastest pace since they began tracking the data in 2004. The market is also awaiting the Biden administration’s pick for Fed Chair, which is expected to be announced Saturday. On the data front, housing starts fell 0.7% in October versus expectations for a 1.5% increase. This included a 3.9% decline in single-family starts, the fourth consecutive month-over-month contraction.

Jason Haley
Chief Investment Officer

11/15/21Empire Manufacturing2230.919.8
11/16/21Retail Sales Advance MoM1.40%1.70%0.70%0.80%
11/16/21Retail Sales Ex Auto MoM1.00%1.70%0.80%0.70%
11/16/21Retail Sales Ex Auto and Gas0.70%1.40%0.70%0.50%
11/16/21Retail Sales Control Group0.90%1.60%0.80%0.50%
11/16/21Import Price Index MoM1.00%1.20%0.40%
11/16/21Import Price Index ex Petroleum MoM0.30%0.50%0.10%0.20%
11/16/21Import Price Index YoY10.30%10.70%9.20%9.30%
11/16/21Export Price Index MoM1.00%1.50%0.10%0.40%
11/16/21Export Price Index YoY16.30%18.00%16.30%16.50%
11/16/21Industrial Production MoM0.90%1.60%-1.30%
11/16/21Capacity Utilization75.90%76.40%75.20%
11/16/21Manufacturing (SIC) Production0.90%1.20%-0.70%
11/16/21Business Inventories0.60%0.70%0.60%0.80%
11/16/21NAHB Housing Market Index808380
11/16/21Total Net TIC Flows-$26.8b$91.0b$91.1b
11/16/21Net Long-term TIC Flows$26.3b$79.3b
11/17/21MBA Mortgage Applications-2.80%5.50%
11/17/21Housing Starts1579k1520k1555k1530k
11/17/21Building Permits1630k1650k1589k1586k
11/17/21Housing Starts MoM1.50%-0.70%-1.60%-2.70%
11/17/21Building Permits MoM2.80%4.00%-7.70%-7.80%
11/18/21Initial Jobless Claims260k267k
11/18/21Continuing Claims2120k2160k
11/18/21Philadelphia Fed Business Outlook2423.8
11/18/21Langer Consumer Comfort50.350.3
11/18/21Leading Index0.80%0.20%
11/18/21Kansas City Fed Manf. Activity2831


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