June 21, 2022 Headlines

A better tone in risk markets overnight has long-end Treasury yields higher on the day and the curve steeper. U.S. equity futures are up approximately 1.5% a little less than an hour before the open, hoping to recoup some of the 12% decline in the S&P 500 over the prior two weeks. Later this morning we will see fresh data on existing home sales, which are expected to have declined 3.7% m/m as homebuyers grapple with the surge in borrowing costs. May new home sales data will be released on Friday. There are several Fed leaders speaking this week, and markets will be closely watching Chair Powell’s semi-annual testimony before Congress this week, beginning with tomorrow’s appearance before the Senate Banking Committee.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
6/21/2022Chicago Fed Nat Activity Index0.470.010.470.4
6/21/2022Existing Home Sales5.40m—5.61m—
6/21/2022Existing Home Sales MoM-3.70%—-2.40%—
6/22/2022MBA Mortgage Applications——6.60%—
6/23/2022Current Account Balance-$275.0b—-$217.9b—
6/23/2022Initial Jobless Claims226k—229k—
6/23/2022Continuing Claims1320k—1312k—
6/23/2022S&P Global US Manufacturing PMI56—57—
6/23/2022S&P Global US Services PMI53.5—53.4—
6/23/2022S&P Global US Composite PMI52.8—53.6—
6/23/2022Kansas City Fed Manf. Activity15—23—
6/24/2022U. of Mich. Sentiment50.2—50.2—
6/24/2022U. of Mich. Current Conditions55.4—55.4—
6/24/2022U. of Mich. Expectations——46.8—
6/24/2022U. of Mich. 1 Yr Inflation——5.40%—
6/24/2022U. of Mich. 5-10 Yr Inflation——3.30%—
6/24/2022New Home Sales590k—591k—
6/24/2022New Home Sales MoM-0.20%—-16.60%—

 

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