June 6, 2022 Headlines

Treasury yields are drifting higher this morning amid an improved risk tone in global markets. S&P 500 futures are up more than 1% ahead of the open. There are no economic releases today, and investors are looking ahead to Thursday’s ECB meeting and Friday’s CPI report for May. We’ve entered the blackout period for Fed speakers ahead of the June 15 FOMC meeting. Individual income tax collections are on track to set a new record of $2.6 trillion for the fiscal year ending September 30, as noted in a Wall Street Journal article yesterday. That would represent 10.6% of the economy according to Congressional Budget Office (CBO) estimates. The unexpected surge has been driven in large part by tax collections beyond wage withholdings, including capital gains on investments and business income.

Jason Haley
Chief Investment Officer

6/7/2022Trade Balance-$89.5b-$109.8b
6/7/2022Revisions: Trade Balance
6/7/2022Consumer Credit$35.000b$52.435b
6/8/2022MBA Mortgage Applications-2.30%
6/8/2022Wholesale Trade Sales MoM1.70%
6/8/2022Wholesale Inventories MoM2.10%2.10%
6/9/2022Initial Jobless Claims206k200k
6/9/2022Continuing Claims1305k1309k
6/9/2022Bloomberg June United States Economic Survey
6/9/2022Household Change in Net Worth$5297b
6/10/2022CPI MoM0.70%0.30%
6/10/2022CPI Ex Food and Energy MoM0.50%0.60%
6/10/2022CPI YoY8.20%8.30%
6/10/2022CPI Ex Food and Energy YoY5.90%6.20%
6/10/2022CPI Index NSA291.694289.109
6/10/2022CPI Core Index SA292.04290.455
6/10/2022Real Avg Hourly Earning YoY-2.60%
6/10/2022Real Avg Weekly Earnings YoY-3.40%
6/10/2022U. of Mich. Sentiment58.558.4
6/10/2022U. of Mich. Current Conditions62.563.3
6/10/2022U. of Mich. Expectations54.855.2
6/10/2022U. of Mich. 1 Yr Inflation5.30%5.30%
6/10/2022U. of Mich. 5-10 Yr Inflation3.00%
6/10/2022Monthly Budget Statement-$222.5b$308.2b


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