June 28, 2022 Headlines

The Treasury curve is higher and steeper this morning, with the 2-year up 2 bps and the 10-year up 4 bps. News out of China that the country had eased its Covid protocols sent stocks higher. China announced that it would reduce the time spent in quarantine for incoming travelers to seven days from fourteen, a move that help to assuage investor concerns over the world’s second largest economy’s isolation.

The FHFA Home Price Index showed home prices rising by 1.6% m/m in April and 18.8% y/y. Bloomberg’s median forecast called for a m/m increase of 1.4%. The low level of housing inventory continues to serve as a tailwind for home values even in the face of higher mortgage rates.

Hafizan Hamzah
Senior Director, Investment Management Group

Date	Event	Surv(M)	Actual	Prior	Revised
06/27/22	Durable Goods Orders	0.10%	0.70%	0.50%	0.40%
06/27/22	Durables Ex Transportation	0.30%	0.70%	0.40%	0.20%
06/27/22	Cap Goods Orders Nondef Ex Air	0.20%	0.50%	0.40%	0.30%
06/27/22	Cap Goods Ship Nondef Ex Air	0.20%	0.80%	0.80%	—
06/27/22	Pending Home Sales MoM	-4.00%	0.70%	-3.90%	-4.00%
06/27/22	Pending Home Sales NSA YoY	—	-12.00%	-11.50%	—
06/27/22	Dallas Fed Manf. Activity	-6.5	-17.7	-7.3	—
06/28/22	Advance Goods Trade Balance	-$104.8b	-$104.3b	-$105.9b	-$106.7b
06/28/22	Wholesale Inventories MoM	2.10%	2.00%	2.20%	2.30%
06/28/22	Retail Inventories MoM	1.80%	1.10%	0.70%	—
06/28/22	FHFA House Price Index MoM	1.40%	1.60%	1.50%	1.60%
06/28/22	S&P CoreLogic CS 20-City MoM SA	1.90%	1.77%	2.42%	2.41%
06/28/22	S&P CoreLogic CS 20-City YoY NSA	21.05%	21.23%	21.17%	21.15%
06/28/22	S&P CoreLogic CS US HPI YoY NSA	—	20.39%	20.55%	20.64%
06/28/22	Conf. Board Consumer Confidence	100	—	106.4	—
06/28/22	Conf. Board Present Situation	—	—	149.6	—
06/28/22	Conf. Board Expectations	—	—	77.5	—
06/28/22	Richmond Fed Manufact. Index	-7	—	-9	—
06/29/22	MBA Mortgage Applications	—	—	4.20%	—
06/29/22	GDP Annualized QoQ	-1.50%	—	-1.50%	—
06/29/22	Personal Consumption	3.10%	—	3.10%	—
06/29/22	GDP Price Index	8.10%	—	8.10%	—
06/29/22	Core PCE QoQ	5.10%	—	5.10%	—
06/30/22	Personal Income	0.50%	—	0.40%	—
06/30/22	Personal Spending	0.40%	—	0.90%	—
06/30/22	Initial Jobless Claims	229k	—	229k	—
06/30/22	Real Personal Spending	-0.20%	—	0.70%	—
06/30/22	Continuing Claims	1318k	—	1315k	—
06/30/22	PCE Deflator MoM	0.70%	—	0.20%	—
06/30/22	PCE Deflator YoY	6.40%	—	6.30%	—
06/30/22	PCE Core Deflator MoM	0.40%	—	0.30%	—
06/30/22	PCE Core Deflator YoY	4.80%	—	4.90%	—
06/30/22	MNI Chicago PMI	58	—	60.3	—
07/01/22	S&P Global US Manufacturing PMI	52.4	—	52.4	—
07/01/22	Construction Spending MoM	0.30%	—	0.20%	—
07/01/22	ISM Manufacturing	54.5	—	56.1	—
07/01/22	ISM Prices Paid	80	—	82.2	—
07/01/22	ISM New Orders	—	—	55.1	—
07/01/22	ISM Employment	—	—	49.6	—
07/01/22	Wards Total Vehicle Sales	13.30m	—	12.68m	—

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