What happened this week

Markets opened the week higher in anticipation of a busy week ahead for economic data and perhaps in an attempt to offset some of the losses suffered last week. Last week’s losses were largest due to Fed Reserve Chairman, Jerome Powell, commenting that there is still a long way to go in the fight against inflation. 

Logistics managers warn of increased supply chain prices which will trickle down to affect CPI numbers expected later this week. Whilst factors which previously held the greatest impact on supply chain inflation, such as ocean freight rates and transportation fuels, have dropped, lack of consumer demand has left a backlog of inventories which are expected to drives rates higher. 

The US military shot down the fourth unidentified flying object over the state of Michigan on Sunday. Senate Majority Leader Chuck Schumer told ABC’s “This Week” Sunday that officials now believe both objects were balloons that were much smaller than the initial spy balloon which the military shot down Feb 4.

Looking ahead to this week:

Tues Feb 14th: Consumer Price Index

Wed Feb 15th: Retail Sales, Industrial Production Index, Business Inventories. 

Thurs Feb 16th: Initial Jobless Claims, Producer Price Index, Building Permits and Housing Starts

Fri Feb 17th: Import Price Index