June 7, 2022 Headlines

Buyers emerged overnight in Treasuries with yields back near the 2022 highs following yesterday’s sell off. Most major global equity indices are in the red today, and S&P 500 futures are down 0.9% currently (8:50am ET). Yesterday’s sell-off in bonds was somewhat attributable to heavy supply in both corporate and government debt, and the next big catalyst for markets will be Thursday’s ECB announcement, followed by the May CPI report on Friday. Looking more holistically at real-time and leading economic indicators, both the Fed’s Weekly Economic Index (WEI) and the Conference Board’s Leading Indicators Index remain well into positive territory at 3.7% and 4.7%, respectively, although both have fallen from 2021 highs. For added perspective, both metrics reached a low of close to -10% in April 2020.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
06/07/22	Trade Balance	-$89.5b	-$87.1b	-$109.8b	-$107.7b
06/07/22	Revisions: Trade Balance
06/07/22	Consumer Credit	$35.000b	—	$52.435b	—
06/08/22	MBA Mortgage Applications	—	—	-2.30%	—
06/08/22	Wholesale Trade Sales MoM	—	—	1.70%	—
06/08/22	Wholesale Inventories MoM	2.10%	—	2.10%	—
06/09/22	Initial Jobless Claims	207k	—	200k	—
06/09/22	Continuing Claims	1303k	—	1309k	—
06/09/22	Bloomberg June United States Economic Survey
06/09/22	Household Change in Net Worth	—	—	$5297b	—
06/10/22	CPI MoM	0.70%	—	0.30%	—
06/10/22	CPI Ex Food and Energy MoM	0.50%	—	0.60%	—
06/10/22	CPI YoY	8.20%	—	8.30%	—
06/10/22	CPI Ex Food and Energy YoY	5.90%	—	6.20%	—
06/10/22	CPI Index NSA	291.694	—	289.109	—
06/10/22	CPI Core Index SA	292.04	—	290.455	—
06/10/22	Real Avg Hourly Earning YoY	—	—	-2.60%	—
06/10/22	Real Avg Weekly Earnings YoY	—	—	-3.40%	—
06/10/22	U. of Mich. Sentiment	58.2	—	58.4	—
06/10/22	U. of Mich. Current Conditions	63	—	63.3	—
06/10/22	U. of Mich. Expectations	55.6	—	55.2	—
06/10/22	U. of Mich. 1 Yr Inflation	5.30%	—	5.30%	—
06/10/22	U. of Mich. 5-10 Yr Inflation	—	—	3.00%	—
06/10/22	Monthly Budget Statement	-$147.5b	—	$308.2b	—

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