August 19, 2022 Headlines

Higher than expected German PPI data sparked a sell-off in government bonds overnight, but volumes remain relatively light in typical August fashion. U.K. retail sales modestly beat expectations, but consumer confidence fell to the lowest level since 1974 according to the Lloyds survey. With no data releases in the U.S., today promises to remain a quiet one in the bond market. Richmond Fed President Tom Barkin will speak later this morning, and Jerome Powell’s speaking time at the annual Jackson Hole conference has been confirmed for next Friday at 10am EDT. For next week’s calendar, S&P PMI data for August will be released on Tuesday, and the August personal income and spending report will be released later in the week.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
08/15/22	Empire Manufacturing	5	-31.3	11.1	—
08/15/22	NAHB Housing Market Index	54	49	55	—
08/15/22	Net Long-term TIC Flows	—	$121.8b	$155.3b	—
08/15/22	Total Net TIC Flows	—	$22.1b	$182.5b	$194.5b
08/16/22	Housing Starts	1527k	1446k	1559k	1599k
08/16/22	Housing Starts MoM	-2.10%	-9.60%	-2.00%	2.40%
08/16/22	Building Permits	1640k	1674k	1685k	1696k
08/16/22	Building Permits MoM	-3.30%	-1.30%	-0.60%	0.10%
08/16/22	Industrial Production MoM	0.30%	0.60%	-0.20%	0.00%
08/16/22	Capacity Utilization	80.20%	80.30%	80.00%	79.90%
08/16/22	Manufacturing (SIC) Production	0.30%	0.70%	-0.50%	-0.40%
08/17/22	MBA Mortgage Applications	—	-2.30%	0.20%	—
08/17/22	Retail Sales Advance MoM	0.10%	0.00%	1.00%	0.80%
08/17/22	Retail Sales Ex Auto MoM	-0.10%	0.40%	1.00%	0.90%
08/17/22	Retail Sales Ex Auto and Gas	0.40%	0.70%	0.70%	—
08/17/22	Retail Sales Control Group	0.60%	0.80%	0.80%	0.70%
08/17/22	Business Inventories	1.40%	1.40%	1.40%	1.60%
08/17/22	FOMC Meeting Minutes	—	—	—	—
08/18/22	Initial Jobless Claims	264k	250k	262k	252k
08/18/22	Continuing Claims	1455k	1437k	1428k	1430k
08/18/22	Philadelphia Fed Business Outlook	-5	6.2	-12.3	—
08/18/22	Existing Home Sales	4.86m	4.81m	5.12m	5.11m
08/18/22	Existing Home Sales MoM	-5.10%	-5.90%	-5.40%	-5.50%
08/18/22	Leading Index	-0.50%	-0.40%	-0.80%	-0.70%

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