EconoTicker

Treasury front-end pricing looked a touch friendlier as the 2-year auction yield came in lower than the prior auction, while M2 rose modestly.

• 2-Year Note Auction: 3.455% (3.580% prior)
• M2 Money Supply (Jan): 22.44T (22.40T prior)

Source: U.S. Treasury; Federal Reserve (money supply)

The Atlanta Fed’s GDPNow estimate kept a steady growth signal, holding its Q1 tracking rate unchanged.

• Atlanta Fed GDPNow (Q1): 3.1% (unchanged)

Source: Federal Reserve Bank of Atlanta (GDPNow)

Texas service-sector indicators softened in February, with services revenues slowing materially and the outlook turning negative.

• Dallas Fed Services Revenues (Feb): 4.1 (7.8 prior)
• Texas Services Sector Outlook (Feb): -3.2 (2.7 prior)

Source: Federal Reserve Bank of Dallas

U.S. wholesale inventories were steady in December, while wholesale trade sales still rose—but at a slower clip than the prior reading.

• Wholesale Inventories (MoM, Dec): 0.2% (in line with 0.2% expected; 0.2% prior)
• Wholesale Trade Sales (MoM, Dec): 1.0% (1.4% prior)

Source: U.S. Census Bureau

U.S. regional factory conditions weakened again in February, with the Richmond Manufacturing Index and shipments deteriorating further, while the services gauge also stayed negative—signaling softer momentum across parts of the Mid-Atlantic economy.

• Richmond Manufacturing Index (Feb): -10 (vs -8 expected; -6 prior)
• Richmond Manufacturing Shipments (Feb): -13 (-5 prior)
• Richmond Services Index (Feb): -8 (-3 prior)
• Source: Federal Reserve Bank of Richmond

U.S. sentiment improved more than expected in February, suggesting households are feeling slightly better about conditions.

• Conference Board Consumer Confidence (Feb): 91.2 (exp. 87.4, prior 89.0)

Why it matters: Stronger confidence can support consumption, but markets will gauge whether it translates into actual spending as tariffs and price pressures stay in focus.

Source: The Conference Board

U.S. house price data for December showed modest growth with mixed monthly signals across series.

• S&P/Case-Shiller 20-city (MoM, Dec, n.s.a.): -0.1% (prior 0.0%)
• S&P/Case-Shiller 20-city (YoY, Dec, n.s.a.): 1.4% (exp. 1.3%, prior 1.4%)
• S&P/Case-Shiller 20-city (MoM, Dec, s.a.): 0.5% (prior 0.5%)
• FHFA House Price Index (YoY, Dec): 1.8% (prior 2.1%)
• FHFA HPI level (Dec): 440.4 (prior 439.7)
• FHFA House Price Index (MoM, Dec): 0.1% (exp. 0.3%, prior 0.7%)

Why it matters: The picture is consistent with a market that’s holding up but not re-accelerating—helpful for inflation dynamics, but still sensitive to mortgage-rate shifts.

Source: S&P CoreLogic Case-Shiller; FHFA

U.S. chain-store sales growth eased, signaling a softer weekly read on consumer demand momentum.

• Redbook (YoY): 6.7% (prior 7.2%)

Why it matters: A downshift in Redbook can hint at cooling discretionary spend at the margin—worth watching alongside confidence and inflation trends.

Source: Redbook Research

Weekly ADP figures showed a small improvement in hiring momentum.

• ADP Employment Change (Weekly): 12.80K (prior 11.50K)

Why it matters: The gain suggests incremental labor-market resilience, but the pace remains modest, keeping focus on broader employment and wage data for confirmation.

Source: ADP (as reported)

President Donald Trump is expected to tout economic strength and unveil new measures aimed at lowering living costs during his State of the Union address on Tuesday, February 24, 2026 (9:00 p.m. ET / 02:00 GMT Wednesday), according to reporting citing White House officials.

Key expectations flagged in the report:

• Official theme: “America at 250: Strong, Prosperous and Respected” — a nod to the 250th anniversary of the U.S. founding.
• Messaging focus: American exceptionalism, plus emphasis on policies such as tax cuts and lower drug prices.
• Political backdrop: recent polls indicate voter dissatisfaction with the economy—especially cost-of-living pressures—a risk factor analysts warn could weigh on Republican midterm prospects later this year.

Source: The Wall Street Journal (via Reuters).

Apple will move some production of its Mac Mini desktop computer from Asia to the United States, with manufacturing set to begin later this year at a Foxconn facility in north Houston, according to a Wall Street Journal report.

The move is the latest step in Apple’s broader U.S. footprint expansion, following its commitment announced last August to invest $600 billion in the U.S. over the next four years.

Source: The Wall Street Journal; Apple Newsroom

U.S. front-end funding stayed stable as Treasury bill auction yields held near recent levels.

• 3-Month Bill: 3.590% (prior 3.600%)
• 6-Month Bill: 3.525% (prior 3.500%)

Why it matters: minimal movement suggests the market’s near-term rate expectations are largely anchored, even as data and tariff headlines drive risk sentiment.

Source: U.S. Treasury auctions (data as provided)