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Author Jason Haley

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Treasury yields are down 2-3 basis points across the curve amid concerns about geopolitical tensions.

Reports surfaced overnight that some U.S. personnel were ordered to leave a Middle East military base, fueling speculation that an attack on Iran could be in the works. Separately, President Trump posted earlier this morning that “the United States needs Greenland for the purposes of National Security.”  Beyond geopolitical headlines, the Supreme Court is expected to release its ruling this morning on the legality of tariffs under the Emergency Powers Act.

On the data front, the MBA mortgage activity index surged 28.2% last week, driven by a 16% increase in new purchase applications and a 40% increase in refinance applications. The surge in application activity was accompanied by a 7-basis-point decline in the average 30-year conventional contract rate to 6.18%, the lowest since September 2024. The average 5-year ARM rate plunged 48 basis points versus the prior week to 5.42%, the second-lowest level since May 2023.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPrior
1/14/2026MBA Mortgage Applications     —28.50%0.30%
1/14/2026BLS to Release Oct. and Nov. PPI on Jan. 14   
1/14/2026PPI Final Demand MoM0.20%0.20%     —
1/14/2026PPI Ex Food and Energy MoM0.20%0.00%     —
1/14/2026PPI Ex Food, Energy, Trade MoM0.20%0.20%     —
1/14/2026PPI Final Demand YoY2.70%3.00%     —
1/14/2026PPI Ex Food and Energy YoY2.70%3.00%     —
1/14/2026PPI Ex Food, Energy, Trade YoY2.90%3.50%     —
1/14/2026Retail Sales Advance MoM0.50%0.60%0.00%
1/14/2026Retail Sales Ex Auto MoM0.40%0.50%0.40%
1/14/2026Retail Sales Ex Auto and Gas0.30%0.40%0.50%
1/14/2026Retail Sales Control Group0.40%0.40%0.80%
1/14/2026Current Account Balance-$238.0b-$226.4b-$251.3b
1/14/2026Existing Home Sales4.22m     —4.13m
1/14/2026Existing Home Sales MoM2.20%     —0.50%
1/14/2026Business Inventories0.10%     —0.20%
1/15/2026Empire Manufacturing1     —-3.9
1/15/2026Philadelphia Fed Business Outlook-1     —-10.2
1/15/2026Initial Jobless Claims215k     —208k
1/15/2026Initial Claims 4-Wk Moving Avg     —     —211.75k
1/15/2026Continuing Claims1899k     —1914k
1/15/2026BLS Releases Limited Oct. Import-Export Series with Nov. Data   
1/15/2026Import Price Index MoM-0.20%     —     —
1/15/2026Import Price Index ex Petroleum MoM0.00%     —     —
1/15/2026Import Price Index YoY-0.10%     —     —
1/15/2026Export Price Index MoM0.00%     —     —
1/15/2026Export Price Index YoY     —     —     —
1/15/2026Total Net TIC Flows     —     —-$37.3b
1/15/2026Net Long-term TIC Flows     —     —$17.5b
1/16/2026New York Fed Services Business Activity     —     —-20
1/16/2026Industrial Production MoM0.10%     —0.20%
1/16/2026Manufacturing (SIC) Production-0.10%     —0.00%
1/16/2026Capacity Utilization76.00%     —76.00%
1/16/2026NAHB Housing Market Index40     —39
1/20/2026ADP Weekly Employment Change     —     —11.750k
1/20/2026Philadelphia Fed Non-Manufacturing Activity     —     —-16.8
1/20/2026-1/30/2026New Home Sales     —     —737k
1/20/2026-1/31/2026New Home Sales MoM     —     —-0.10%
1/20/2026-1/30/2026Housing Starts     —     —1246k
1/20/2026-1/30/2026Housing Starts MoM     —     —-4.60%
1/21/2026MBA Mortgage Applications     —     —28.50%
1/21/2026Building Permits     —     —1411k
1/21/2026Census Releases Sept.-Oct. Construction Spending on Jan. 21   
1/21/2026Leading Index     —     —-0.30%
1/21/2026Construction Spending MoM0.10%     —     —
1/21/2026Pending Home Sales MoM     —     —3.30%
1/21/2026Pending Home Sales NSA YoY     —     —-0.30%

Jason Haley

Chief Investment Officer

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