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

Date Event Survey Actual Prior Revised
6/21/2022 Chicago Fed Nat Activity Index 0.47 0.01 0.47 0.4
6/21/2022 Existing Home Sales 5.40m 5.61m
6/21/2022 Existing Home Sales MoM -3.70% -2.40%
6/22/2022 MBA Mortgage Applications 6.60%
6/23/2022 Current Account Balance -$275.0b -$217.9b
6/23/2022 Initial Jobless Claims 226k 229k
6/23/2022 Continuing Claims 1320k 1312k
6/23/2022 S&P Global US Manufacturing PMI 56 57
6/23/2022 S&P Global US Services PMI 53.5 53.4
6/23/2022 S&P Global US Composite PMI 52.8 53.6
6/23/2022 Kansas City Fed Manf. Activity 15 23
6/24/2022 U. of Mich. Sentiment 50.2 50.2
6/24/2022 U. of Mich. Current Conditions 55.4 55.4
6/24/2022 U. of Mich. Expectations 46.8
6/24/2022 U. of Mich. 1 Yr Inflation 5.40%
6/24/2022 U. of Mich. 5-10 Yr Inflation 3.30%
6/24/2022 New Home Sales 590k 591k
6/24/2022 New Home Sales MoM -0.20% -16.60%


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