April 21, 2022 Headlines

A combination of hawkish ECB comments and heavy supply are weighing on global government bond yields this morning ahead of Jerome Powell’s public appearance at 1pm EDT today. Treasury yields are up 2-4 basis points across the curve, and US equity futures are pointing to a strong open on a better-than-expected start to Q1 earnings season. All eyes will be on Powell this afternoon to see if he chooses to counter, to any degree, any of the ultra-hawkish sentiment of late from leaders like James Bullard (St. Louis Fed), even if very subtle. ECB President Christine Lagarde will also be participating on the IMF panel and will perhaps provide updated guidance on the ECB’s current stance regarding future policy tightening.    

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
4/21/2022Philadelphia Fed Business Outlook21.4—27.4—
4/21/2022Initial Jobless Claims180k—185k—
4/21/2022Continuing Claims1459k—1475k—
4/21/2022Leading Index0.30%—0.30%—
4/22/2022S&P Global US Manufacturing PMI58—58.8—
4/22/2022S&P Global US Services PMI58—58—
4/22/2022S&P Global US Composite PMI57.9—57.7—

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