Weekly Market Commentary - 2.28.22

ECONOMIC REVIEW1
• Producer Price Index (PPI) data for the month of January was released on Tuesday, and both readings exceeded forecasts substantially.
• New home sales fell 4.5% from the December’s 9-month high to 801,000 for January, which was also below forecasts of 806,000. o The drop was driven by pending home sales which fell -5.7% despite forecasts calling for a 1.0% increase.
• Personal Consumption Expenditure (PCE), the Fed’s preferred measure of inflation, confirmed CPI data released earlier this month, rising 6.1% YoY in January – the highest since February 1982. Read article