Tuesday: PPI, NY Fed Mfg

From Matthew Graham at Mortgage News Daily: Rates Jump Back Up to The Highs

Russia/Ukraine headlines continued throughout the day. Although this did cause some volatility at times, markets progressively tuned out. Moreover, geopolitical risk is not destined to be the key market moving consideration unless things get appreciably worse. Even then, the primary narrative remains focused on inflation and the Fed’s evolving policy response. [30 year fixed 4.10%]
emphasis added

• At 8:30 AM ET, The Producer Price Index for December from the BLS. The consensus is for a 0.5% increase in PPI, and a 0.5% increase in core PPI.

• Also, at 8:30 AM: The New York Fed Empire State manufacturing survey for February. The consensus is for a reading of 12.0, up from -0.7.

On COVID (focus on hospitalizations and deaths):

COVID Metrics
  Now Week
Percent fully Vaccinated 64.4% ≥70.0%1
Fully Vaccinated (millions) 214.0 ≥2321
New Cases per Day3 161,197 287,209 ≤5,0002
Hospitalized3 81,007 111,402 ≤3,0002
Deaths per Day3 2,196 2,339 ≤502
1 Minimum to achieve “herd immunity” (estimated between 70% and 85%).
2my goals to stop daily posts,
37-day average for Cases, Currently Hospitalized, and Deaths
🚩 Increasing 7-day average week-over-week for Cases, Hospitalized, and Deaths
✅ Goal met.

COVID-19 Positive Tests per DayClick on graph for larger image.

This graph shows the daily (columns) and 7-day average (line) of positive tests reported.

New cases, hospitalizations and deaths are now declining.