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

04/12/22NFIB Small Business Optimism9593.295.7
04/12/22CPI MoM1.20%1.20%0.80%
04/12/22CPI Ex Food and Energy MoM0.50%0.30%0.50%
04/12/22CPI YoY8.40%8.50%7.90%
04/12/22CPI Ex Food and Energy YoY6.60%6.50%6.40%
04/12/22CPI Index NSA287.406287.504283.716
04/12/22CPI Core Index SA289.2288.811287.878
04/12/22Real Avg Hourly Earning YoY-2.70%-2.60%-2.50%
04/12/22Real Avg Weekly Earnings YoY-3.60%-2.30%-2.20%
04/12/22Monthly Budget Statement-$190.0b-$192.7b-$659.6b
04/13/22MBA Mortgage Applications-1.30%-6.30%
04/13/22PPI Ex Food, Energy, Trade MoM0.50%0.90%0.20%
04/13/22PPI Final Demand MoM1.10%1.40%0.80%0.90%
04/13/22PPI Ex Food and Energy MoM0.50%1.00%0.20%0.40%
04/13/22PPI Final Demand YoY10.60%11.20%10.00%10.30%
04/13/22PPI Ex Food and Energy YoY8.40%9.20%8.40%8.70%
04/13/22PPI Ex Food, Energy, Trade YoY6.60%7.00%6.60%6.70%
04/14/22Retail Sales Advance MoM0.60%0.50%0.30%0.80%
04/14/22Retail Sales Ex Auto MoM1.00%1.10%0.20%0.60%
04/14/22Retail Sales Ex Auto and Gas0.20%0.20%-0.40%-0.10%
04/14/22Retail Sales Control Group0.10%-0.10%-1.20%-0.90%
04/14/22Import Price Index MoM2.30%2.60%1.40%1.60%
04/14/22Import Price Index ex Petroleum MoM1.00%1.10%0.70%
04/14/22Import Price Index YoY11.90%12.50%10.90%11.30%
04/14/22Export Price Index MoM2.20%4.50%3.00%
04/14/22Export Price Index YoY16.20%18.80%16.60%16.50%
04/14/22Initial Jobless Claims170k185k166k167k
04/14/22Continuing Claims1500k1475k1523k
04/14/22Business Inventories1.30%1.10%
04/14/22U. of Mich. Sentiment5959.4
04/14/22U. of Mich. Current Conditions6767.2
04/14/22U. of Mich. Expectations53.654.3
04/14/22U. of Mich. 1 Yr Inflation5.60%5.40%
04/14/22U. of Mich. 5-10 Yr Inflation3.00%
04/15/22Empire Manufacturing1-11.8
04/15/22Industrial Production MoM0.40%0.50%
04/15/22Capacity Utilization77.80%77.60%
04/15/22Manufacturing (SIC) Production0.60%1.20%
04/15/22Net Long-term TIC Flows$58.8b
04/15/22Total Net TIC Flows$294.2b

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