July 22, 2022 Headlines

Treasury yields rae down 11 basis points on the front-end of the curve in sympathy with a sharp rally in European government bonds. The Eurozone composite PMI unexpectedly fell below 50 to 49.4 in the preliminary July readings. PMI tracks activity in the manufacturing and services sectors, and a below-50 reading indicates contraction in activity. Germany’s 2-year yield is down 36 basis points today, the biggest drop since 2008, amid growing recession fears. Later, the U.S. data was released, and the composite figure fell to 47.5 from 52.3 in June and an expected reading of 52.4. The decline was due to large 5.7 point drop in the services sector to 47 (52.7 expected). Treasuries have now extended their gains, with front-end yields now down 15-17 bps on the day as of 9:52am ET.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
07/18/22	NAHB Housing Market Index	65	55	67	—
07/18/22	Net Long-term TIC Flows	—	$155.3b	$87.7b	$87.2b
07/18/22	Total Net TIC Flows	—	$182.5b	$1.3b	-$2.7b
07/19/22	Housing Starts	1580k	1559k	1549k	1591k
07/19/22	Building Permits	1650k	1685k	1695k	—
07/19/22	Housing Starts MoM	2.00%	-2.00%	-14.40%	-11.90%
07/19/22	Building Permits MoM	-2.70%	-0.60%	-7.00%	—
07/20/22	MBA Mortgage Applications	—	-6.30%	-1.70%	—
07/20/22	Existing Home Sales	5.35m	5.12m	5.41m	—
07/20/22	Existing Home Sales MoM	-1.10%	-5.40%	-3.40%	—
07/21/22	Philadelphia Fed Business Outlook	0.8	-12.3	-3.3	—
07/21/22	Initial Jobless Claims	240k	251k	244k	—
07/21/22	Continuing Claims	1340k	1384k	1331k	1333k
07/21/22	Leading Index	-0.60%	-0.80%	-0.40%	-0.60%
07/22/22	S&P Global US Manufacturing PMI	52	52.3	52.7	—
07/22/22	S&P Global US Services PMI	52.7	47	52.7	—
07/22/22	S&P Global US Composite PMI	52.4	47.5	52.3	—

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