Treasuries continue to struggle to gain firm traction in the new year, with the 5-year note yield up to the highest level since February 2020 at 1.38%. Reopening of trading in Tokyo and London didn’t bring enough demand to offset yesterday’s sell-off that pushed intermediate and long-end yields up 9-12 basis points, as positive global economic reports and a heavy new issuance calendar for global corporate and government bonds weighs on interest rates across the curve. Overnight PMI data indicates that manufacturing in Europe and Asia expanded more than expected in December despite Omicron concerns, and factories in Europe and the U.S. reported further easing of supply-chain problems as 2021 drew to a close. Also, German retail sales unexpectedly rose in November despite renewed Covid restrictions. U.S. ISM manufacturing data will be released later this morning.
Jason Haley
Chief Investment Officer
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 01/03/22 | Markit US Manufacturing PMI | 57.7 | 57.7 | 57.8 | — |
| 01/03/22 | Construction Spending MoM | 0.60% | 0.40% | 0.20% | 0.40% |
| 01/04/22 | ISM Manufacturing | 60 | — | 61.1 | — |
| 01/04/22 | ISM Prices Paid | 79.3 | — | 82.4 | — |
| 01/04/22 | ISM New Orders | 60.4 | — | 61.5 | — |
| 01/04/22 | ISM Employment | 53.6 | — | 53.3 | — |
| 01/04/22 | JOLTS Job Openings | 11079k | — | 11033k | — |
| 01/04/22 | Wards Total Vehicle Sales | 13.10m | — | 12.86m | — |
| 01/05/22 | MBA Mortgage Applications | — | — | -0.60% | — |
| 01/05/22 | ADP Employment Change | 410k | — | 534k | — |
| 01/05/22 | Markit US Composite PMI | — | — | 56.9 | — |
| 01/05/22 | Markit US Services PMI | 57.5 | — | 57.5 | — |
| 01/05/22 | FOMC Meeting Minutes | — | — | — | — |
| 01/06/22 | Challenger Job Cuts YoY | — | — | -77.00% | — |
| 01/06/22 | Trade Balance | -$81.0b | — | -$67.1b | — |
| 01/06/22 | Initial Jobless Claims | 195k | — | 198k | — |
| 01/06/22 | Continuing Claims | 1682k | — | 1716k | — |
| 01/06/22 | Factory Orders Ex Trans | 1.10% | — | 1.60% | — |
| 01/06/22 | Factory Orders | 1.50% | — | 1.00% | — |
| 01/06/22 | ISM Services Index | 67 | — | 69.1 | — |
| 01/06/22 | Durable Goods Orders | 2.50% | — | 2.50% | — |
| 01/06/22 | Durables Ex Transportation | — | — | 0.80% | — |
| 01/06/22 | Cap Goods Orders Nondef Ex Air | — | — | -0.10% | — |
| 01/06/22 | Cap Goods Ship Nondef Ex Air | — | — | 0.30% | — |
| 01/07/22 | Two-Month Payroll Net Revision | — | — | — | — |
| 01/07/22 | Revisions: Employment Report — Household Survey | ||||
| 01/07/22 | Change in Nonfarm Payrolls | 420k | — | 210k | — |
| 01/07/22 | Change in Private Payrolls | 375k | — | 235k | — |
| 01/07/22 | Change in Manufact. Payrolls | 35k | — | 31k | — |
| 01/07/22 | Unemployment Rate | 4.10% | — | 4.20% | — |
| 01/07/22 | Average Hourly Earnings MoM | 0.40% | — | 0.30% | — |
| 01/07/22 | Average Hourly Earnings YoY | 4.20% | — | 4.80% | — |
| 01/07/22 | Average Weekly Hours All Employees | 34.8 | — | 34.8 | — |
| 01/07/22 | Labor Force Participation Rate | 61.90% | — | 61.80% | — |
| 01/07/22 | Underemployment Rate | — | — | 7.80% | — |
| 01/07/22 | Consumer Credit | $21.000b | — | $16.897b | — |
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