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

Date	Event	Surv(M)	Actual	Prior	Revised
04/25/22	Chicago Fed Nat Activity Index	0.45	0.44	0.51	0.54
04/25/22	Revisions: Retail Sales, Inventories
04/25/22	Dallas Fed Manf. Activity	4.8	—	8.7	—
04/26/22	Durable Goods Orders	1.00%	—	-2.10%	—
04/26/22	Durables Ex Transportation	0.60%	—	-0.60%	—
04/26/22	Cap Goods Orders Nondef Ex Air	0.40%	—	-0.20%	—
04/26/22	Cap Goods Ship Nondef Ex Air	0.50%	—	0.30%	—
04/26/22	FHFA House Price Index MoM	1.50%	—	1.60%	—
04/26/22	S&P CoreLogic CS 20-City MoM SA	1.50%	—	1.79%	—
04/26/22	S&P CoreLogic CS 20-City YoY NSA	19.20%	—	19.10%	—
04/26/22	S&P CoreLogic CS US HPI YoY NSA	—	—	19.17%	—
04/26/22	Conf. Board Consumer Confidence	108.5	—	107.2	—
04/26/22	Conf. Board Present Situation	—	—	153	—
04/26/22	Conf. Board Expectations	—	—	76.6	—
04/26/22	Richmond Fed Manufact. Index	8	—	13	—
04/26/22	New Home Sales	770k	—	772k	—
04/26/22	New Home Sales MoM	-0.30%	—	-2.00%	—
04/27/22	MBA Mortgage Applications	—	—	-5.00%	—
04/27/22	Advance Goods Trade Balance	-$105.0b	—	-$106.6b	-$106.3b
04/27/22	Wholesale Inventories MoM	1.50%	—	2.50%	—
04/27/22	Retail Inventories MoM	1.60%	—	1.10%	—
04/27/22	Pending Home Sales MoM	-1.00%	—	-4.10%	—
04/27/22	Pending Home Sales NSA YoY	—	—	-5.40%	—
04/28/22	GDP Annualized QoQ	1.10%	—	6.90%	—
04/28/22	Personal Consumption	3.50%	—	2.50%	—
04/28/22	GDP Price Index	7.20%	—	7.10%	—
04/28/22	Core PCE QoQ	5.60%	—	5.00%	—
04/28/22	Initial Jobless Claims	180k	—	184k	—
04/28/22	Continuing Claims	1394k	—	1417k	—
04/28/22	Kansas City Fed Manf. Activity	35	—	37	—
04/29/22	Employment Cost Index	1.10%	—	1.00%	—
04/29/22	Personal Income	0.40%	—	0.50%	—
04/29/22	Personal Spending	0.70%	—	0.20%	—
04/29/22	Real Personal Spending	0.00%	—	-0.40%	—
04/29/22	PCE Deflator MoM	0.90%	—	0.60%	—
04/29/22	PCE Deflator YoY	6.70%	—	6.40%	—
04/29/22	PCE Core Deflator MoM	0.30%	—	0.40%	—
04/29/22	PCE Core Deflator YoY	5.30%	—	5.40%	—
04/29/22	MNI Chicago PMI	62	—	62.9	—
04/29/22	U. of Mich. Sentiment	65.7	—	65.7	—
04/29/22	U. of Mich. Current Conditions	—	—	68.1	—
04/29/22	U. of Mich. Expectations	—	—	64.1	—
04/29/22	U. of Mich. 1 Yr Inflation	5.50%	—	5.40%	—
04/29/22	U. of Mich. 5-10 Yr Inflation	—	—	3.00%	—

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