The market is relatively quiet this morning, with little change in yields at the open.
The economic calendar is light with only JOLTS (job openings and labor turnover) data and the NFIB small business optimism index on the docket. The NFIB data came out earlier this morning and showed the index falling 2.1 points last month as inflation and tariffs weigh on small-business owners’ optimism. The uncertain economic picture has caused many owners to hit pause on expanding and hiring. The JOLTS data is expected to show that the number of job openings is 7.6 million, unchanged from January.
Hafizan Hamzah
Senior Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior |
| 03/11/25 | NFIB Small Business Optimism | 101 | 100.7 | 102.8 |
| 03/11/25 | JOLTS Job Openings | 7600k | — | 7600k |
| 03/11/25 | JOLTS Job Openings Rate | 4.50% | — | 4.50% |
| 03/11/25 | JOLTS Quits Level | 3176k | — | 3197k |
| 03/11/25 | JOLTS Quits Rate | — | — | 2.00% |
| 03/11/25 | JOLTS Layoffs Level | 1806k | — | 1771k |
| 03/11/25 | JOLTS Layoffs Rate | — | — | 1.10% |
| 03/12/25 | MBA Mortgage Applications | — | — | 20.40% |
| 03/12/25 | CPI MoM | 0.30% | — | 0.50% |
| 03/12/25 | CPI Ex Food and Energy MoM | 0.30% | — | 0.40% |
| 03/12/25 | CPI YoY | 2.90% | — | 3.00% |
| 03/12/25 | CPI Ex Food and Energy YoY | 3.20% | — | 3.30% |
| 03/12/25 | CPI Index NSA | 319.258 | — | 317.671 |
| 03/12/25 | CPI Core Index SA | 325.729 | — | 324.739 |
| 03/12/25 | Real Avg Hourly Earning YoY | — | — | 1.00% |
| 03/12/25 | Real Avg Weekly Earnings YoY | — | — | 0.70% |
| 03/12/25 | Federal Budget Balance | -$308.0b | — | -$128.6b |
| 03/13/25 | PPI Final Demand MoM | 0.30% | — | 0.40% |
| 03/13/25 | PPI Ex Food and Energy MoM | 0.30% | — | 0.30% |
| 03/13/25 | PPI Ex Food, Energy, Trade MoM | 0.30% | — | 0.30% |
| 03/13/25 | PPI Final Demand YoY | 3.30% | — | 3.50% |
| 03/13/25 | PPI Ex Food and Energy YoY | 3.50% | — | 3.60% |
| 03/13/25 | PPI Ex Food, Energy, Trade YoY | 3.40% | — | 3.40% |
| 03/13/25 | Initial Jobless Claims | 225k | — | 221k |
| 03/13/25 | Continuing Claims | 1888k | — | 1897k |
| 03/13/25 | Household Change in Net Worth | — | — | $4766b |
| 03/14/25 | U. of Mich. Sentiment | 63.1 | — | 64.7 |
| 03/14/25 | U. of Mich. Current Conditions | 64.4 | — | 65.7 |
| 03/14/25 | U. of Mich. Expectations | 63 | — | 64 |
| 03/14/25 | U. of Mich. 1 Yr Inflation | 4.20% | — | 4.30% |
| 03/14/25 | U. of Mich. 5-10 Yr Inflation | 3.40% | — | 3.50% |
