Long-end Treasury yields are 5 basis points lower to start the day with no clear catalyst for the move.
Instead, the action on the long-end could be some level of short covering after the recent rally. Housing starts surged 15.8% in December to a 1.5-million-unit annual pace, much higher than the 3% expected increase. As it stands, this is the fastest pace of growth for new starts since last February, and it was driven almost entirely by a 61.5% increase in multifamily starts. Single-family starts were up 3.3% last month, and the more forward-looking building permits metric fell less than expected at -0.7% m/m. On a year-over-year basis, single-family housing starts were down 2.6% and multifamily starts were down 8.4%.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 1/17/2025 | Housing Starts | 1327k | 1499k | 1289k | 1294k |
| 1/17/2025 | Housing Starts MoM | 3.00% | 15.80% | -1.80% | -3.70% |
| 1/17/2025 | Building Permits | 1460k | 1483k | 1493k | — |
| 1/17/2025 | Building Permits MoM | -2.20% | -0.70% | 5.20% | — |
| 1/17/2025 | Industrial Production MoM | 0.30% | — | -0.10% | — |
| 1/17/2025 | Capacity Utilization | 77.00% | — | 76.80% | — |
| 1/17/2025 | Manufacturing (SIC) Production | 0.20% | — | 0.20% | — |
| 1/17/2025 | Net Long-term TIC Flows | — | — | $152.3b | — |
| 1/17/2025 | Total Net TIC Flows | — | — | $203.6b | — |
| 1/21/2025 | Philadelphia Fed Non-Manufacturing Activity | — | — | -6 | -3.4 |
| 1/22/2025 | MBA Mortgage Applications | — | — | 33.30% | — |
| 1/22/2025 | Leading Index | -0.10% | — | 0.30% | — |
| 1/23/2025 | Initial Jobless Claims | — | — | 217k | — |
| 1/23/2025 | Continuing Claims | — | — | 1859k | — |
| 1/23/2025 | Kansas City Fed Manf. Activity | — | — | -4 | — |
| 1/24/2025 | Bloomberg Jan. United States Economic Survey | ||||
| 1/24/2025 | S&P Global US Manufacturing PMI | — | — | 49.4 | — |
| 1/24/2025 | S&P Global US Services PMI | — | — | 56.8 | — |
| 1/24/2025 | S&P Global US Composite PMI | — | — | 55.4 | — |
| 1/24/2025 | U. of Mich. Sentiment | — | — | 73.2 | — |
| 1/24/2025 | U. of Mich. Current Conditions | — | — | 77.9 | — |
| 1/24/2025 | U. of Mich. Expectations | — | — | 70.2 | — |
| 1/24/2025 | U. of Mich. 1 Yr Inflation | — | — | 3.30% | — |
| 1/24/2025 | U. of Mich. 5-10 Yr Inflation | — | — | 3.30% | — |
| 1/24/2025 | Existing Home Sales | 4.20m | — | 4.15m | — |
| 1/24/2025 | Existing Home Sales MoM | 1.20% | — | 4.80% | — |
| 1/24/2025 | Kansas City Fed Services Activity | — | — | 2 | — |
