July 29, 2022 Headlines

Treasury yields are higher this morning, led by the front-end which is up 6 bps, while equity futures retraced earlier gains. Inflation data catalyzed the move as the employment cost index rose by 1.3% vs 1.2% expected while PCE rose by 1.0% vs 0.9% expected. Both readings stoked fears that the Fed will take more aggressive action to fight what appears to be stubbornly high inflation.

Hafizan Hamzah
Senior Director, Investment Management Group

07/25/22Chicago Fed Nat Activity Index0-0.190.01-0.19
07/25/22Dallas Fed Manf. Activity-18.5-22.6-17.7
07/26/22FHFA House Price Index MoM1.50%1.40%1.60%1.50%
07/26/22S&P CoreLogic CS 20-City MoM SA1.50%1.32%1.77%1.71%
07/26/22S&P CoreLogic CS 20-City YoY NSA20.60%20.50%21.23%21.22%
07/26/22S&P CoreLogic CS US HPI YoY NSA19.75%20.39%20.64%
07/26/22Richmond Fed Manufact. Index-140-11-9
07/26/22Conf. Board Consumer Confidence9795.798.798.4
07/26/22Conf. Board Present Situation141.3147.1147.2
07/26/22Conf. Board Expectations65.366.465.8
07/26/22New Home Sales655k590k696k642k
07/26/22New Home Sales MoM-5.90%-8.10%10.70%6.30%
07/27/22MBA Mortgage Applications-1.80%-6.30%
07/27/22Advance Goods Trade Balance-$103.0b-$98.2b-$104.3b-$104.0b
07/27/22Wholesale Inventories MoM1.50%1.90%1.80%1.90%
07/27/22Retail Inventories MoM1.00%2.00%1.10%1.60%
07/27/22Durable Goods Orders-0.40%1.90%0.80%
07/27/22Durables Ex Transportation0.20%0.30%0.70%0.50%
07/27/22Cap Goods Orders Nondef Ex Air0.20%0.50%0.60%0.50%
07/27/22Cap Goods Ship Nondef Ex Air0.30%0.70%0.80%1.00%
07/27/22Pending Home Sales MoM-1.00%-8.60%0.70%0.40%
07/27/22Pending Home Sales NSA YoY-13.40%-19.80%-12.00%-12.30%
07/27/22FOMC Rate Decision (Upper Bound)2.50%2.50%1.75%
07/27/22FOMC Rate Decision (Lower Bound)2.25%2.25%1.50%
07/27/22Interest on Reserve Balances Rate2.40%2.40%1.65%
07/28/22GDP Annualized QoQ0.40%-0.90%-1.60%
07/28/22Personal Consumption1.20%1.00%1.80%
07/28/22GDP Price Index8.00%8.70%8.20%
07/28/22Core PCE QoQ4.40%4.40%5.20%
07/28/22Initial Jobless Claims250k256k251k261k
07/28/22Continuing Claims1386k1359k1384k
07/28/22Kansas City Fed Manf. Activity41312
07/29/22Employment Cost Index1.20%1.30%1.40%
07/29/22Personal Income0.50%0.60%0.50%0.60%
07/29/22Personal Spending1.00%1.10%0.20%0.30%
07/29/22Real Personal Spending0.00%0.10%-0.40%-0.30%
07/29/22PCE Deflator MoM0.90%1.00%0.60%
07/29/22PCE Deflator YoY6.80%6.80%6.30%
07/29/22PCE Core Deflator MoM0.50%0.60%0.30%
07/29/22PCE Core Deflator YoY4.70%4.80%4.70%
07/29/22MNI Chicago PMI5556
07/29/22U. of Mich. Sentiment51.151.1
07/29/22U. of Mich. Current Conditions57.157.1
07/29/22U. of Mich. Expectations47.547.3
07/29/22U. of Mich. 1 Yr Inflation5.20%5.20%
07/29/22U. of Mich. 5-10 Yr Inflation2.80%2.80%

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