April 14, 2022 Headlines

Both Treasuries and US equity futures are little changed to start the day on light volumes. The European Central Bank announced plans for gradual policy normalization, including asset purchase tapering in Q3 and likely rate liftoff in the second half of the year. Retail sales were largely in line with expectations, and it included upward revisions to the prior month. The control group figure, which is used in the GDP calculation, did miss slightly to the downside, falling 0.1% versus expectations of a 0.1% gain. Three Fed leaders will be speaking today, beginning with John William’s appearance on Bloomberg this morning.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
04/12/22	NFIB Small Business Optimism	95	93.2	95.7	—
04/12/22	CPI MoM	1.20%	1.20%	0.80%	—
04/12/22	CPI Ex Food and Energy MoM	0.50%	0.30%	0.50%	—
04/12/22	CPI YoY	8.40%	8.50%	7.90%	—
04/12/22	CPI Ex Food and Energy YoY	6.60%	6.50%	6.40%	—
04/12/22	CPI Index NSA	287.406	287.504	283.716	—
04/12/22	CPI Core Index SA	289.2	288.811	287.878	—
04/12/22	Real Avg Hourly Earning YoY	—	-2.70%	-2.60%	-2.50%
04/12/22	Real Avg Weekly Earnings YoY	—	-3.60%	-2.30%	-2.20%
04/12/22	Monthly Budget Statement	-$190.0b	-$192.7b	-$659.6b	—
04/13/22	MBA Mortgage Applications	—	-1.30%	-6.30%	—
04/13/22	PPI Ex Food, Energy, Trade MoM	0.50%	0.90%	0.20%	—
04/13/22	PPI Final Demand MoM	1.10%	1.40%	0.80%	0.90%
04/13/22	PPI Ex Food and Energy MoM	0.50%	1.00%	0.20%	0.40%
04/13/22	PPI Final Demand YoY	10.60%	11.20%	10.00%	10.30%
04/13/22	PPI Ex Food and Energy YoY	8.40%	9.20%	8.40%	8.70%
04/13/22	PPI Ex Food, Energy, Trade YoY	6.60%	7.00%	6.60%	6.70%
04/14/22	Retail Sales Advance MoM	0.60%	0.50%	0.30%	0.80%
04/14/22	Retail Sales Ex Auto MoM	1.00%	1.10%	0.20%	0.60%
04/14/22	Retail Sales Ex Auto and Gas	0.20%	0.20%	-0.40%	-0.10%
04/14/22	Retail Sales Control Group	0.10%	-0.10%	-1.20%	-0.90%
04/14/22	Import Price Index MoM	2.30%	2.60%	1.40%	1.60%
04/14/22	Import Price Index ex Petroleum MoM	1.00%	1.10%	0.70%	—
04/14/22	Import Price Index YoY	11.90%	12.50%	10.90%	11.30%
04/14/22	Export Price Index MoM	2.20%	4.50%	3.00%	—
04/14/22	Export Price Index YoY	16.20%	18.80%	16.60%	16.50%
04/14/22	Initial Jobless Claims	170k	185k	166k	167k
04/14/22	Continuing Claims	1500k	1475k	1523k	—
04/14/22	Business Inventories	1.30%	—	1.10%	—
04/14/22	U. of Mich. Sentiment	59	—	59.4	—
04/14/22	U. of Mich. Current Conditions	67	—	67.2	—
04/14/22	U. of Mich. Expectations	53.6	—	54.3	—
04/14/22	U. of Mich. 1 Yr Inflation	5.60%	—	5.40%	—
04/14/22	U. of Mich. 5-10 Yr Inflation	—	—	3.00%	—
04/15/22	Empire Manufacturing	1	—	-11.8	—
04/15/22	Industrial Production MoM	0.40%	—	0.50%	—
04/15/22	Capacity Utilization	77.80%	—	77.60%	—
04/15/22	Manufacturing (SIC) Production	0.60%	—	1.20%	—
04/15/22	Net Long-term TIC Flows	—	—	$58.8b	—
04/15/22	Total Net TIC Flows	—	—	$294.2b	—

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