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

07/18/22NAHB Housing Market Index655567
07/18/22Net Long-term TIC Flows$155.3b$87.7b$87.2b
07/18/22Total Net TIC Flows$182.5b$1.3b-$2.7b
07/19/22Housing Starts1580k1559k1549k1591k
07/19/22Building Permits1650k1685k1695k
07/19/22Housing Starts MoM2.00%-2.00%-14.40%-11.90%
07/19/22Building Permits MoM-2.70%-0.60%-7.00%
07/20/22MBA Mortgage Applications-6.30%-1.70%
07/20/22Existing Home Sales5.35m5.12m5.41m
07/20/22Existing Home Sales MoM-1.10%-5.40%-3.40%
07/21/22Philadelphia Fed Business Outlook0.8-12.3-3.3
07/21/22Initial Jobless Claims240k251k244k
07/21/22Continuing Claims1340k1384k1331k1333k
07/21/22Leading Index-0.60%-0.80%-0.40%-0.60%
07/22/22S&P Global US Manufacturing PMI5252.352.7
07/22/22S&P Global US Services PMI52.74752.7
07/22/22S&P Global US Composite PMI52.447.552.3

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