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Bob Carey
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  US Economy and Credit Markets Ended Jan. 14, 2022
Posted Under: Weekly Market Commentary
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U.S. Treasury bond yields increased across the yield curve last week, led by yields on the 2-year and 3-year Treasury notes. The 2-year treasury yield increased for the fourth straight week and nearly hit a two-year high last week as investors adjust to a tighter Federal Reserve outlook. On Wednesday, CPI data indicated consumer prices rose half a percent in December, 0.1% above the consensus estimate. The cost of living increased 7% in 2021 for Americans, near a 40-year high. The inflation in December was broad-based, impacting all industries to some degree. The week wrapped up with retail sales data indicating a decline in December of 1.9%, well below the expected decline of 0.1%. The large decline in retail sales in December is largely attributed to the pull forward in holiday shopping driven by the fear of shortages by consumers. Major economic reports (related consensus forecasts, prior data) for the upcoming holiday-shortened week include: Tuesday: January Empire Manufacturing (25.0, 31.9), November Total Net TIC Flows (N/A, $143.0b); Wednesday: January 14 MBA Mortgage Applications (N/A, 1.4%), December Building Permits (1705k, 1712k), December Housing Starts (1650k, 1679k); Thursday: January 15 Initial Jobless Claims (220k, 230k), January 8 Continuing Claims (1521k, 1559k), December Existing Home Sales (6.41m, 6.46m), January Philadelphia Fed Business Outlooks ( 20.0, 15.4) Friday: December Leading Index (0.8%, 1.1%).
Posted on Tuesday, January 18, 2022 @ 8:12 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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