April 4, 2022 Headlines

Treasuries are mixed this morning with front-end yields down 2-4 bps and long-end yields up 2 bps on the day, and equity futures are pointing to a modestly higher open for U.S. stocks. Two more Fed leaders expressed support for multiple 50 bps rate hikes. Mary Daly (SF Fed) and John Williams (NY Fed) are typically on the more dovish end of the policy spectrum, but the central bank appears to be prepping for a more aggressive response to inflation pressures. The fed funds futures market is currently priced for 125 bps of rate hikes over the next three meetings, including a 50 bps hike at the next meeting (May 4). The minutes of the March 16 FOMC meeting will be released Wednesday, headlining a relatively quiet economic calendar this week.

Jason Haley
Chief Investment Officer

04/04/22Factory Orders-0.60%1.40%
04/04/22Factory Orders Ex Trans0.30%1.00%
04/04/22Durable Goods Orders-2.20%-2.20%
04/04/22Durables Ex Transportation-0.60%-0.60%
04/04/22Cap Goods Orders Nondef Ex Air-0.30%
04/04/22Cap Goods Ship Nondef Ex Air0.50%
04/05/22Trade Balance-$88.5b-$89.7b
04/05/22S&P Global US Services PMI58.958.9
04/05/22S&P Global US Composite PMI58.558.5
04/05/22ISM Services Index58.456.5
04/06/22MBA Mortgage Applications-6.80%
04/06/22FOMC Meeting Minutes
04/07/22Revisions: Jobless Claims
04/07/22Initial Jobless Claims200k202k
04/07/22Continuing Claims1302k1307k
04/07/22Consumer Credit$18.200b$6.838b
04/08/22Bloomberg April United States Economic Survey
04/08/22Wholesale Trade Sales MoM0.80%4.00%
04/08/22Wholesale Inventories MoM2.10%2.10%


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