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

Date Event Survey Actual Prior Revised
6/7/2022 Trade Balance -$89.5b — -$109.8b —
6/7/2022 Revisions: Trade Balance
6/7/2022 Consumer Credit $35.000b — $52.435b —
6/8/2022 MBA Mortgage Applications — — -2.30% —
6/8/2022 Wholesale Trade Sales MoM — — 1.70% —
6/8/2022 Wholesale Inventories MoM 2.10% — 2.10% —
6/9/2022 Initial Jobless Claims 206k — 200k —
6/9/2022 Continuing Claims 1305k — 1309k —
6/9/2022 Bloomberg June United States Economic Survey
6/9/2022 Household Change in Net Worth — — $5297b —
6/10/2022 CPI MoM 0.70% — 0.30% —
6/10/2022 CPI Ex Food and Energy MoM 0.50% — 0.60% —
6/10/2022 CPI YoY 8.20% — 8.30% —
6/10/2022 CPI Ex Food and Energy YoY 5.90% — 6.20% —
6/10/2022 CPI Index NSA 291.694 — 289.109 —
6/10/2022 CPI Core Index SA 292.04 — 290.455 —
6/10/2022 Real Avg Hourly Earning YoY — — -2.60% —
6/10/2022 Real Avg Weekly Earnings YoY — — -3.40% —
6/10/2022 U. of Mich. Sentiment 58.5 — 58.4 —
6/10/2022 U. of Mich. Current Conditions 62.5 — 63.3 —
6/10/2022 U. of Mich. Expectations 54.8 — 55.2 —
6/10/2022 U. of Mich. 1 Yr Inflation 5.30% — 5.30% —
6/10/2022 U. of Mich. 5-10 Yr Inflation — — 3.00% —
6/10/2022 Monthly Budget Statement -$222.5b — $308.2b —

 

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