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

08/15/22Empire Manufacturing5-31.311.1
08/15/22NAHB Housing Market Index544955
08/15/22Net Long-term TIC Flows$121.8b$155.3b
08/15/22Total Net TIC Flows$22.1b$182.5b$194.5b
08/16/22Housing Starts1527k1446k1559k1599k
08/16/22Housing Starts MoM-2.10%-9.60%-2.00%2.40%
08/16/22Building Permits1640k1674k1685k1696k
08/16/22Building Permits MoM-3.30%-1.30%-0.60%0.10%
08/16/22Industrial Production MoM0.30%0.60%-0.20%0.00%
08/16/22Capacity Utilization80.20%80.30%80.00%79.90%
08/16/22Manufacturing (SIC) Production0.30%0.70%-0.50%-0.40%
08/17/22MBA Mortgage Applications-2.30%0.20%
08/17/22Retail Sales Advance MoM0.10%0.00%1.00%0.80%
08/17/22Retail Sales Ex Auto MoM-0.10%0.40%1.00%0.90%
08/17/22Retail Sales Ex Auto and Gas0.40%0.70%0.70%
08/17/22Retail Sales Control Group0.60%0.80%0.80%0.70%
08/17/22Business Inventories1.40%1.40%1.40%1.60%
08/17/22FOMC Meeting Minutes
08/18/22Initial Jobless Claims264k250k262k252k
08/18/22Continuing Claims1455k1437k1428k1430k
08/18/22Philadelphia Fed Business Outlook-56.2-12.3
08/18/22Existing Home Sales4.86m4.81m5.12m5.11m
08/18/22Existing Home Sales MoM-5.10%-5.90%-5.40%-5.50%
08/18/22Leading Index-0.50%-0.40%-0.80%-0.70%


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