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Monday, June 14, 2021

Tuesday: Retail Sales, PPI, NY Fed Mfg, Industrial Production, Homebuilder Confidence

by Calculated Risk on 6/14/2021 09:00:00 PM

From Matthew Graham at Mortgage News Daily: MBS RECAP: New Week, New Sense of Urgency

The new week wasted no time in differentiating itself from the previous week as bonds sold off somewhat briskly this morning. ... The bigger question of "where do we go from here" may depend on the incoming data and especially Wednesday afternoon's Fed announcement/forecasts. Despite the early selling pressure, bonds offered some reassurance in the afternoon by holding calmly under 1.50%. [30 year fixed 3.05%]
emphasis added
• At 8:30 AM ET, Retail sales for May is scheduled to be released.  The consensus is for 0.4% decrease in retail sales.

• Also at 8:30 AM, The Producer Price Index for May from the BLS. The consensus is for a 0.6% increase in PPI, and a 0.6% increase in core PPI.

• Also at 8:30 AM, The New York Fed Empire State manufacturing survey for June. The consensus is for a reading of 22.0, down from 24.3.

• At 9:15 AM, The Fed will release Industrial Production and Capacity Utilization for May. The consensus is for a 0.6% increase in Industrial Production, and for Capacity Utilization to increase to 75.1%.

• At 10:00 AM, The June NAHB homebuilder survey. The consensus is for a reading of 83, unchanged from 83 last month. Any number below 50 indicates that more builders view sales conditions as poor than good.