It’s a relatively calm start to the day for U.S. markets.
Equity futures are up 0.25%-0.50%, and Treasury yields are unchanged to 2 basis points higher/lower (curve steeper). China retaliated against President Trump’s latest tariff hike by raising levies on all U.S. goods from 84% to 125% starting tomorrow. Chinese officials effectively capped the tariffs at 125% “given that American goods are no longer marketable in China under the current tariff rates” and referred to the White House’s actions as a “joke.” Producer prices rose less than expected in March, mirroring the softer CPI report from yesterday. Headline PPI fell 0.4% m/m versus an expected 0.2% increase, and core PPI fell 0.1% (+0.3% expected). The response in Treasuries is muted so far given yesterday’s CPI report and much greater market focus on the economic implications of trade policies.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 4/11/2025 | PPI Final Demand MoM | 0.20% | -0.40% | 0.00% | 0.10% |
| 4/11/2025 | PPI Ex Food and Energy MoM | 0.30% | -0.10% | -0.10% | 0.10% |
| 4/11/2025 | PPI Ex Food, Energy, Trade MoM | 0.30% | 0.10% | 0.20% | 0.40% |
| 4/11/2025 | PPI Final Demand YoY | 3.30% | 2.70% | 3.20% | — |
| 4/11/2025 | PPI Ex Food and Energy YoY | 3.60% | 3.30% | 3.40% | 3.50% |
| 4/11/2025 | PPI Ex Food, Energy, Trade YoY | 3.30% | 3.40% | 3.30% | 3.50% |
| 4/11/2025 | U. of Mich. Sentiment | 53.8 | — | 57 | — |
| 4/11/2025 | U. of Mich. Current Conditions | 60.8 | — | 63.8 | — |
| 4/11/2025 | U. of Mich. Expectations | 50.7 | — | 52.6 | — |
| 4/11/2025 | U. of Mich. 1 Yr Inflation | 5.20% | — | 5.00% | — |
| 4/11/2025 | U. of Mich. 5-10 Yr Inflation | 4.30% | — | 4.10% | — |
| 4/14/2025 | NY Fed 1-Yr Inflation Expectations | — | — | 3.13% | — |
| 4/15/2025 | Empire Manufacturing | -10 | — | -20 | — |
| 4/15/2025 | Import Price Index MoM | 0.00% | — | 0.40% | — |
| 4/15/2025 | Import Price Index ex Petroleum MoM | 0.40% | — | 0.40% | — |
| 4/15/2025 | Import Price Index YoY | — | — | 2.00% | — |
| 4/15/2025 | Export Price Index MoM | 0.00% | — | 0.10% | — |
| 4/15/2025 | Export Price Index YoY | — | — | 2.10% | — |
| 4/16/2025 | MBA Mortgage Applications | — | — | 20.00% | — |
| 4/16/2025 | Retail Sales Advance MoM | 1.40% | — | 0.20% | — |
| 4/16/2025 | Retail Sales Ex Auto MoM | 0.40% | — | 0.30% | — |
| 4/16/2025 | Retail Sales Ex Auto and Gas | 0.40% | — | 0.50% | — |
| 4/16/2025 | Retail Sales Control Group | 0.50% | — | 1.00% | — |
| 4/16/2025 | New York Fed Services Business Activity | — | — | -19.3 | — |
| 4/16/2025 | Industrial Production MoM | -0.30% | — | 0.70% | — |
| 4/16/2025 | Capacity Utilization | 77.90% | — | 78.20% | — |
| 4/16/2025 | Manufacturing (SIC) Production | 0.30% | — | 0.90% | — |
| 4/16/2025 | Business Inventories | 0.40% | — | 0.30% | — |
| 4/16/2025 | NAHB Housing Market Index | 37 | — | 39 | — |
| 4/16/2025 | Net Long-term TIC Flows | — | — | -$45.2b | — |
| 4/16/2025 | Total Net TIC Flows | — | — | -$48.8b | — |
| 4/17/2025 | Housing Starts | 1410k | — | 1501k | — |
| 4/17/2025 | Housing Starts MoM | -6.10% | — | 11.20% | — |
| 4/17/2025 | Building Permits | 1450k | — | 1459k | — |
| 4/17/2025 | Building Permits MoM | -0.60% | — | -1.00% | — |
| 4/17/2025 | Initial Jobless Claims | — | — | 223k | — |
| 4/17/2025 | Philadelphia Fed Business Outlook | 6.7 | — | 12.5 | — |
| 4/17/2025 | Initial Claims 4-Wk Moving Avg | — | — | 223k | — |
| 4/17/2025 | Continuing Claims | — | — | 1850k | — |
