April 25, 2022 Headlines

Equities struggled overnight on worries of broadening Covid lockdowns in China, as well as concerns that aggressive Fed tightening will stifle growth. China’s CSI 300 stock index tumbled nearly 5%, and the S&P 500 is poised to extend Friday’s 2.77% loss with futures down another 75 basis points an hour before the open. The Treasury curve is bull steepening, with front-end yields down 6-9 bps on the day. Covid headlines continue to worsen in China, and speculation over the weekend was that lockdowns will extend to Beijing as the government maintains its Covid Zero policy. Commodity prices are sharply lower on economic growth worries related to China’s actions, particularly in oil and metals markets. The FOMC blackout period has begun ahead of next week’s meeting, so there will no Fed leaders spooking markets with overly hawkish rhetoric for at least a week and a half.   

Jason Haley
Chief Investment Officer

04/25/22Chicago Fed Nat Activity Index0.450.440.510.54
04/25/22Revisions: Retail Sales, Inventories
04/25/22Dallas Fed Manf. Activity4.88.7
04/26/22Durable Goods Orders1.00%-2.10%
04/26/22Durables Ex Transportation0.60%-0.60%
04/26/22Cap Goods Orders Nondef Ex Air0.40%-0.20%
04/26/22Cap Goods Ship Nondef Ex Air0.50%0.30%
04/26/22FHFA House Price Index MoM1.50%1.60%
04/26/22S&P CoreLogic CS 20-City MoM SA1.50%1.79%
04/26/22S&P CoreLogic CS 20-City YoY NSA19.20%19.10%
04/26/22S&P CoreLogic CS US HPI YoY NSA19.17%
04/26/22Conf. Board Consumer Confidence108.5107.2
04/26/22Conf. Board Present Situation153
04/26/22Conf. Board Expectations76.6
04/26/22Richmond Fed Manufact. Index813
04/26/22New Home Sales770k772k
04/26/22New Home Sales MoM-0.30%-2.00%
04/27/22MBA Mortgage Applications-5.00%
04/27/22Advance Goods Trade Balance-$105.0b-$106.6b-$106.3b
04/27/22Wholesale Inventories MoM1.50%2.50%
04/27/22Retail Inventories MoM1.60%1.10%
04/27/22Pending Home Sales MoM-1.00%-4.10%
04/27/22Pending Home Sales NSA YoY-5.40%
04/28/22GDP Annualized QoQ1.10%6.90%
04/28/22Personal Consumption3.50%2.50%
04/28/22GDP Price Index7.20%7.10%
04/28/22Core PCE QoQ5.60%5.00%
04/28/22Initial Jobless Claims180k184k
04/28/22Continuing Claims1394k1417k
04/28/22Kansas City Fed Manf. Activity3537
04/29/22Employment Cost Index1.10%1.00%
04/29/22Personal Income0.40%0.50%
04/29/22Personal Spending0.70%0.20%
04/29/22Real Personal Spending0.00%-0.40%
04/29/22PCE Deflator MoM0.90%0.60%
04/29/22PCE Deflator YoY6.70%6.40%
04/29/22PCE Core Deflator MoM0.30%0.40%
04/29/22PCE Core Deflator YoY5.30%5.40%
04/29/22MNI Chicago PMI6262.9
04/29/22U. of Mich. Sentiment65.765.7
04/29/22U. of Mich. Current Conditions68.1
04/29/22U. of Mich. Expectations64.1
04/29/22U. of Mich. 1 Yr Inflation5.50%5.40%
04/29/22U. of Mich. 5-10 Yr Inflation3.00%

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