April 5, 2022 Headlines

Treasury yields are 5-7 bps higher across the curve following a relatively quiet overnight session from a trading volumes perspective. A more hawkish tone from the Australian central bank, as well as strong economic data from U.K and the Euro zone, are contributing to the bearish tone in bonds today. Bloomberg is reporting that the Treasury Department is no longer allowing dollar debt payments from Russian government accounts at U.S. banks, creating an even greater challenge for Moscow to find a way to pay bond investors and avoid default. The market may remain quieter until the release of the March 16 FOMC minutes tomorrow afternoon. Bond investors will paying particular attention to the discussion of balance sheet reduction plans.

Jason Haley
Chief Investment Officer

04/04/22Factory Orders-0.60%-0.50%1.40%1.50%
04/04/22Factory Orders Ex Trans0.30%0.40%1.00%1.20%
04/04/22Durable Goods Orders-2.20%-2.10%-2.20%
04/04/22Durables Ex Transportation-0.60%-0.60%-0.60%
04/04/22Cap Goods Orders Nondef Ex Air-0.20%-0.30%
04/04/22Cap Goods Ship Nondef Ex Air0.30%0.50%
04/05/22Trade Balance-$88.5b-$89.2b-$89.7b-$89.2b
04/05/22S&P Global US Services PMI58.958.9
04/05/22S&P Global US Composite PMI58.558.5
04/05/22ISM Services Index58.556.5
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$18.100b$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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