April 12, 2022 Headlines

It’s a relatively quiet morning in financial markets ahead of the 8:30am EDT CPI report. Inflation readings are expected to have set fresh 40-year highs in March according to Bloomberg’s survey, and the White House also said it expects the report to show headline inflation “extraordinary elevated.” Today’s report should show very high year-over-year CPI comparisons for both headline and core, as has been the case for several months, but we should see those y/y comparisons fall starting next month due to the base effect. Recall, it was April last year when those same y/y inflation readings began to jump higher. In addition to this morning’s CPI report, Fed Governor Lael Brainard will be speaking at a Wall Street Journal event at noon today. Brainard’s comments last Tuesday on “rapid” balance sheet reduction has contributed to the curve steepening the market has experienced over the last week.   

Jason Haley
Chief Investment Officer

4/12/2022NFIB Small Business Optimism9593.295.7
4/12/2022CPI MoM1.20%0.80%
4/12/2022CPI Ex Food and Energy MoM0.50%0.50%
4/12/2022CPI YoY8.40%7.90%
4/12/2022CPI Ex Food and Energy YoY6.60%6.40%
4/12/2022CPI Index NSA287.413283.716
4/12/2022CPI Core Index SA289.188287.878
4/12/2022Real Avg Hourly Earning YoY-2.60%-2.50%
4/12/2022Real Avg Weekly Earnings YoY-2.30%-2.20%
4/12/2022Monthly Budget Statement-$190.0b-$659.6b
4/13/2022MBA Mortgage Applications-6.30%
4/13/2022PPI Final Demand MoM1.10%0.80%
4/13/2022PPI Ex Food and Energy MoM0.50%0.20%
4/13/2022PPI Ex Food, Energy, Trade MoM0.50%0.20%
4/13/2022PPI Final Demand YoY10.60%10.00%
4/13/2022PPI Ex Food and Energy YoY8.40%8.40%
4/13/2022PPI Ex Food, Energy, Trade YoY6.60%6.60%
4/14/2022Retail Sales Advance MoM0.60%0.30%
4/14/2022Retail Sales Ex Auto MoM1.00%0.20%
4/14/2022Retail Sales Ex Auto and Gas0.20%-0.40%
4/14/2022Retail Sales Control Group0.00%-1.20%
4/14/2022Import Price Index MoM2.30%1.40%
4/14/2022Import Price Index ex Petroleum MoM1.00%0.70%
4/14/2022Import Price Index YoY11.80%10.90%
4/14/2022Export Price Index MoM2.20%3.00%
4/14/2022Export Price Index YoY16.60%
4/14/2022Initial Jobless Claims170k166k
4/14/2022Continuing Claims1500k1523k
4/14/2022Business Inventories1.30%1.10%
4/14/2022U. of Mich. Sentiment5959.4
4/14/2022U. of Mich. Current Conditions6767.2
4/14/2022U. of Mich. Expectations5454.3
4/14/2022U. of Mich. 1 Yr Inflation5.50%5.40%
4/14/2022U. of Mich. 5-10 Yr Inflation3.00%

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