Energy

There were 3 reports and a balance sheet this week: Industrial Production (INDPRO): +0.48% m/m, +0.24% y/y.  Short term: recovery. Retail Sales (RSAFS): +0.42% m/m, +1.57% y/y.  Short term: recovery. Housing Starts (HOUST): +2.14% m/m, -29% y/y.  Single Family house construction has been crushed (HOUST1F), down 39% y/y, while Multifamily 5+ (HOUST5F) fell just 13%.  […]

Economic Reports: Retail Sales: -0.4% m/m [prior +3.1% m/m], contraction. Industrial Production: +0.0% m/m [prior +0.27% m/m], contraction CPI-Urban: +0.37% m/m [prior +0.51% m/m], inflation Producer Prices (Input): -0.47% m/m [prior +0.71% m/m], deflation. In addition, Fed balance sheet climbed this week by $297 billion [+3.44% w/w].  “Money printing” is back.  Except: Wolf provides some […]