Treasury yields are 2 to 3 bps higher this morning following yesterday’s CPI print.
The MBA Mortgage Applications Index rose by 7.1% last week as the 30-year conforming rate fell below 7% for the first time in a month, down to 6.84%. Purchase applications rose by 4.7% and refinancing applications increased by 12.2%. Purchases made up 68.4% of all applications. While mortgage rates have fallen from their peak last October, they still remain significantly higher than where they were in 2021, which has kept mortgage activity relatively low.
Hafizan Hamzah
Senior Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 03/13/24 | MBA Mortgage Applications | — | 7.10% | 9.70% | — |
| 03/14/24 | Retail Sales Advance MoM | 0.80% | — | -0.80% | — |
| 03/14/24 | Retail Sales Ex Auto MoM | 0.50% | — | -0.60% | — |
| 03/14/24 | Retail Sales Ex Auto and Gas | 0.30% | — | -0.50% | — |
| 03/14/24 | Retail Sales Control Group | 0.40% | — | -0.40% | — |
| 03/14/24 | PPI Final Demand MoM | 0.30% | — | 0.30% | — |
| 03/14/24 | PPI Ex Food and Energy MoM | 0.20% | — | 0.50% | — |
| 03/14/24 | PPI Ex Food, Energy, Trade MoM | 0.30% | — | 0.60% | — |
| 03/14/24 | PPI Final Demand YoY | 1.20% | — | 0.90% | — |
| 03/14/24 | PPI Ex Food and Energy YoY | 1.90% | — | 2.00% | — |
| 03/14/24 | PPI Ex Food, Energy, Trade YoY | — | — | 2.60% | — |
| 03/14/24 | Initial Jobless Claims | 218k | — | 217k | — |
| 03/14/24 | Continuing Claims | 1906k | — | 1906k | — |
| 03/14/24 | Business Inventories | 0.20% | — | 0.40% | — |
| 03/15/24 | Empire Manufacturing | -7 | — | -2.4 | — |
| 03/15/24 | Import Price Index MoM | 0.30% | — | 0.80% | — |
| 03/15/24 | Import Price Index ex Petroleum MoM | -0.20% | — | 0.60% | — |
| 03/15/24 | Import Price Index YoY | -0.80% | — | -1.30% | — |
| 03/15/24 | Export Price Index MoM | 0.40% | — | 0.80% | — |
| 03/15/24 | Export Price Index YoY | -2.40% | — | -2.40% | — |
| 03/15/24 | Industrial Production MoM | 0.10% | — | -0.10% | — |
| 03/15/24 | Capacity Utilization | 78.50% | — | 78.50% | — |
| 03/15/24 | Manufacturing (SIC) Production | 0.30% | — | -0.50% | — |
| 03/15/24 | U. of Mich. Sentiment | 77.2 | — | 76.9 | — |
| 03/15/24 | U. of Mich. Current Conditions | 79.7 | — | 79.4 | — |
| 03/15/24 | U. of Mich. Expectations | 75.1 | — | 75.2 | — |
| 03/15/24 | U. of Mich. 1 Yr Inflation | 3.10% | — | 3.00% | — |
| 03/15/24 | U. of Mich. 5-10 Yr Inflation | 2.90% | — | 2.90% | — |
