September 12, 2023 Headlines

Yields are slightly lower on the long-end of the curve with the 10-year down 2 bps to 4.26% and equity futures are all in negative territory ahead of the open. Today’s calendar is light but picks up tomorrow with August CPI which is expected to increase 0.6% m/m and 3.6% y/y and PPI on Thursday. As mentioned yesterday, Fed officials are in their blackout period ahead of next week’s FOMC meeting where the central bank is expected to leave rates unchanged.

Hafizan Hamzah
Senior Director, Investment Management Group

Date Event Surv(M) Actual Prior Revised
09/12/23 NFIB Small Business Optimism 91.5 91.3 91.9
09/12/23 Income, Poverty and Health Insurance report: 2022
09/13/23 MBA Mortgage Applications -2.90%
09/13/23 CPI MoM 0.60% 0.20%
09/13/23 CPI Ex Food and Energy MoM 0.20% 0.20%
09/13/23 CPI YoY 3.60% 3.20%
09/13/23 CPI Ex Food and Energy YoY 4.30% 4.70%
09/13/23 CPI Index NSA 306.98 305.691
09/13/23 CPI Core Index SA 309.413 308.801
09/13/23 Real Avg Hourly Earning YoY 1.10%
09/13/23 Real Avg Weekly Earnings YoY 0.20%
09/13/23 Monthly Budget Statement -$230.0b -$220.8b
09/14/23 Retail Sales Advance MoM 0.10% 0.70%
09/14/23 Retail Sales Ex Auto MoM 0.40% 1.00%
09/14/23 Retail Sales Ex Auto and Gas -0.10% 1.00%
09/14/23 PPI Final Demand MoM 0.40% 0.30%
09/14/23 Initial Jobless Claims 225k 216k
09/14/23 Retail Sales Control Group -0.10% 1.00%
09/14/23 PPI Ex Food and Energy MoM 0.20% 0.30%
09/14/23 Continuing Claims 1695k 1679k
09/14/23 PPI Ex Food, Energy, Trade MoM 0.20% 0.20%
09/14/23 PPI Final Demand YoY 1.30% 0.80%
09/14/23 PPI Ex Food and Energy YoY 2.20% 2.40%
09/14/23 PPI Ex Food, Energy, Trade YoY 2.70% 2.70%
09/14/23 Business Inventories 0.10% 0.00%
09/15/23 Import Price Index MoM 0.30% 0.40%
09/15/23 Import Price Index ex Petroleum MoM 0.00% 0.00%
09/15/23 Import Price Index YoY -2.90% -4.40%
09/15/23 Export Price Index MoM 0.30% 0.70%
09/15/23 Export Price Index YoY -7.90%
09/15/23 Empire Manufacturing -10 -19
09/15/23 Industrial Production MoM 0.10% 1.00%
09/15/23 Capacity Utilization 79.30% 79.30%
09/15/23 Manufacturing (SIC) Production 0.10% 0.50%
09/15/23 U. of Mich. Sentiment 69 69.5
09/15/23 U. of Mich. Current Conditions 74.5 75.7
09/15/23 U. of Mich. Expectations 66 65.5
09/15/23 U. of Mich. 1 Yr Inflation 3.50% 3.50%
09/15/23 U. of Mich. 5-10 Yr Inflation 3.00% 3.00%

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