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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