Treasury yields are 2-3 basis points lower to start the day with oil futures down another 4%.
There have been conflicting reports regarding the agreement to permanently open the Strait of Hormuz with no tolls/fees for passage, but oil futures are approaching pre-war levels, suggesting less concern from market participants at this point. On the data front, import price inflation exceeded expectations in May, including ex-petroleum imports (0.8% m/m vs. 0.5% expected). Housing starts were much softer than expected in May, due mainly to a 40% decline in the more volatile multifamily category. Single-family housing starts fell 1.9% last month following a 11.6% decline in April.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 6/16/2026 | ADP Weekly Employment Change | — | 25.500k | 29.000k | — |
| 6/16/2026 | Import Price Index MoM | 1.00% | 1.90% | 1.90% | 2.00% |
| 6/16/2026 | Import Price Index ex Petroleum MoM | 0.50% | 0.80% | 0.70% | 0.50% |
| 6/16/2026 | Import Price Index YoY | 5.70% | 6.70% | 4.20% | — |
| 6/16/2026 | Export Price Index MoM | 0.90% | 1.30% | 3.30% | 3.50% |
| 6/16/2026 | New York Fed Services Business Activity | — | -10.1 | -5.8 | — |
| 6/16/2026 | Export Price Index YoY | 10.20% | 11.20% | 8.80% | 9.10% |
| 6/16/2026 | Housing Starts | 1430k | 1177k | 1465k | 1392k |
| 6/16/2026 | Housing Starts MoM | -2.00% | -15.40% | -2.80% | -8.50% |
| 6/16/2026 | Building Permits | 1418k | 1413k | 1423k | — |
| 6/16/2026 | Building Permits MoM | -0.90% | -0.70% | 4.40% | — |
| 6/17/2026 | MBA Mortgage Applications | — | — | 10.80% | — |
| 6/17/2026 | Retail Sales Advance MoM | 0.50% | — | 0.50% | — |
| 6/17/2026 | Retail Sales Ex Auto MoM | 0.60% | — | 0.70% | — |
| 6/17/2026 | Retail Sales Ex Auto and Gas | 0.30% | — | 0.50% | — |
| 6/17/2026 | Retail Sales Control Group | 0.40% | — | 0.50% | — |
| 6/17/2026 | Business Inventories | 0.50% | — | 0.90% | — |
| 6/17/2026 | Pending Home Sales MoM | 1.00% | — | 1.40% | — |
| 6/17/2026 | Pending Home Sales NSA YoY | — | — | 3.30% | — |
| 6/17/2026 | FOMC Rate Decision (Upper Bound) | 3.75% | — | 3.75% | — |
| 6/17/2026 | FOMC Rate Decision (Lower Bound) | 3.50% | — | 3.50% | — |
| 6/17/2026 | Fed Interest on Reserve Balances Rate | 3.65% | — | 3.65% | — |
| 6/17/2026 | Fed Reverse Repo Rate | 3.50% | — | 3.50% | — |
| 6/17/2026 | FOMC Median Rate Forecast: Current Yr | 3.63% | — | 3.38% | — |
| 6/17/2026 | FOMC Median Rate Forecast: Next Yr | 3.38% | — | 3.13% | — |
| 6/17/2026 | FOMC Median Rate Forecast: +2 Yrs | 3.13% | — | 3.13% | — |
| 6/17/2026 | FOMC Median Rate Forecast: Long-Run | 3.13% | — | 3.13% | — |
| 6/18/2026 | Initial Jobless Claims | 225k | — | 229k | — |
| 6/18/2026 | Initial Claims 4-Wk Moving Avg | — | — | 219.00k | — |
| 6/18/2026 | Philadelphia Fed Business Outlook | 10 | — | -0.4 | — |
| 6/18/2026 | Continuing Claims | 1790k | — | 1795k | — |
| 6/18/2026 | Leading Index | 0.10% | — | 0.10% | — |
| 6/18/2026 | Total Net TIC Flows | — | — | $150.7b | — |
| 6/18/2026 | Net Long-term TIC Flows | — | — | $81.3b | — |
| 6/23/2026 | ADP Weekly Employment Change | — | — | 25.500k | — |
| 6/23/2026 | Philadelphia Fed Non-Manufacturing Activity | — | — | -23.6 | — |
| 6/23/2026 | S&P Global US Manufacturing PMI | — | — | 55.1 | — |
| 6/23/2026 | S&P Global US Services PMI | — | — | 50.7 | — |
| 6/23/2026 | S&P Global US Composite PMI | — | — | 51.5 | — |
| 6/23/2026 | Richmond Fed Manufact. Index | — | — | 13 | — |
| 6/23/2026 | Richmond Fed Business Conditions | — | — | 0 | — |