August 8, 2022 Headlines

U.S. equities halted their 2-day slide to open the trading session on Monday, and Treasury yields rallied following last week’s sell-off in the face of stronger than expected July jobs data. With nearly 75 bps still fully priced in at the Federal Reserve’s September 21st meeting, market participants will look to digest several data points this week, most notably U.S. CPI on Wednesday (8/10). U.S. PPI and initial jobless claims will follow on Thursday, and the University of Michigan consumer sentiment reading Friday, the latter holding near an all-time low in July. As of this morning, the yield curve remains as inverted as we’ve seen since 2000, with the 2/10-year spread at roughly -44 bps.

Michael Oravetz
Senior Director, Investment Management Group

Date Event Survey Actual Prior Revised
8/9/2022 NFIB Small Business Optimism 89.5 89.5
8/9/2022 Nonfarm Productivity -4.60% -7.30%
8/9/2022 Unit Labor Costs 9.50% 12.60%
8/10/2022 MBA Mortgage Applications 1.20%
8/10/2022 Real Avg Hourly Earning YoY -3.60% -3.40%
8/10/2022 Real Avg Weekly Earnings YoY -4.40% -4.00%
8/10/2022 CPI MoM 0.20% 1.30%
8/10/2022 CPI Ex Food and Energy MoM 0.50% 0.70%
8/10/2022 CPI YoY 8.70% 9.10%
8/10/2022 CPI Ex Food and Energy YoY 6.10% 5.90%
8/10/2022 CPI Index NSA 296.723 296.311
8/10/2022 CPI Core Index SA 295.835 294.354
8/10/2022 Wholesale Inventories MoM 1.90% 1.90%
8/10/2022 Wholesale Trade Sales MoM 0.50% 0.50%
8/10/2022 Monthly Budget Statement -$170.0b -$88.8b
8/11/2022 PPI Ex Food and Energy YoY 7.70% 8.20%
8/11/2022 Initial Jobless Claims 265k 260k
8/11/2022 Continuing Claims 1410k 1416k
8/11/2022 PPI Final Demand MoM 0.20% 1.10%
8/11/2022 PPI Ex Food and Energy MoM 0.40% 0.40%
8/11/2022 PPI Ex Food, Energy, Trade MoM 0.40% 0.30%
8/11/2022 PPI Final Demand YoY 10.40% 11.30%
8/11/2022 PPI Ex Food, Energy, Trade YoY 5.90% 6.40%
8/12/2022 Import Price Index MoM -0.90% 0.20%
8/12/2022 Import Price Index ex Petroleum MoM -0.10% -0.40%
8/12/2022 Import Price Index YoY 9.40% 10.70%
8/12/2022 Export Price Index MoM -1.00% 0.70%
8/12/2022 Export Price Index YoY 18.20%
8/12/2022 Bloomberg Aug. United States Economic Survey
8/12/2022 U. of Mich. Sentiment 52.5 51.5
8/12/2022 U. of Mich. Current Conditions 57.1 58.1
8/12/2022 U. of Mich. Expectations 48.5 47.3
8/12/2022 U. of Mich. 1 Yr Inflation 5.10% 5.20%
8/12/2022 U. of Mich. 5-10 Yr Inflation 2.80% 2.90%

 

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