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

Date Event Survey Actual Prior Revised
4/12/2022 NFIB Small Business Optimism 95 93.2 95.7
4/12/2022 CPI MoM 1.20% 0.80%
4/12/2022 CPI Ex Food and Energy MoM 0.50% 0.50%
4/12/2022 CPI YoY 8.40% 7.90%
4/12/2022 CPI Ex Food and Energy YoY 6.60% 6.40%
4/12/2022 CPI Index NSA 287.413 283.716
4/12/2022 CPI Core Index SA 289.188 287.878
4/12/2022 Real Avg Hourly Earning YoY -2.60% -2.50%
4/12/2022 Real Avg Weekly Earnings YoY -2.30% -2.20%
4/12/2022 Monthly Budget Statement -$190.0b -$659.6b
4/13/2022 MBA Mortgage Applications -6.30%
4/13/2022 PPI Final Demand MoM 1.10% 0.80%
4/13/2022 PPI Ex Food and Energy MoM 0.50% 0.20%
4/13/2022 PPI Ex Food, Energy, Trade MoM 0.50% 0.20%
4/13/2022 PPI Final Demand YoY 10.60% 10.00%
4/13/2022 PPI Ex Food and Energy YoY 8.40% 8.40%
4/13/2022 PPI Ex Food, Energy, Trade YoY 6.60% 6.60%
4/14/2022 Retail Sales Advance MoM 0.60% 0.30%
4/14/2022 Retail Sales Ex Auto MoM 1.00% 0.20%
4/14/2022 Retail Sales Ex Auto and Gas 0.20% -0.40%
4/14/2022 Retail Sales Control Group 0.00% -1.20%
4/14/2022 Import Price Index MoM 2.30% 1.40%
4/14/2022 Import Price Index ex Petroleum MoM 1.00% 0.70%
4/14/2022 Import Price Index YoY 11.80% 10.90%
4/14/2022 Export Price Index MoM 2.20% 3.00%
4/14/2022 Export Price Index YoY 16.60%
4/14/2022 Initial Jobless Claims 170k 166k
4/14/2022 Continuing Claims 1500k 1523k
4/14/2022 Business Inventories 1.30% 1.10%
4/14/2022 U. of Mich. Sentiment 59 59.4
4/14/2022 U. of Mich. Current Conditions 67 67.2
4/14/2022 U. of Mich. Expectations 54 54.3
4/14/2022 U. of Mich. 1 Yr Inflation 5.50% 5.40%
4/14/2022 U. of Mich. 5-10 Yr Inflation 3.00%

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