March 24, 2022 Headlines

A one-day rally in Treasuries has largely been reversed this morning as inflation worries remain at the forefront. The 5-year/10-year Treasury spread remains slightly inverted this morning at -1.3 basis points. Euro zone purchasing managers’ index (PMI) data for March was better than expected, but the survey also revealed a more pessimistic outlook due to rising input/output prices and worsening supply chain issues due to Russia’s invasion of Ukraine. U.S. PMI data will be released later this morning. Four Fed leaders will speak at separate events today, including Fed Governor Chris Waller participating in a discussion of the U.S. housing market.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
03/21/22	Chicago Fed Nat Activity Index	0.54	0.51	0.69	0.59
03/22/22	Richmond Fed Manufact. Index	2	13	1	—
03/23/22	MBA Mortgage Applications	—	-8.10%	-1.20%	—
03/23/22	New Home Sales	810k	772k	801k	788k
03/23/22	New Home Sales MoM	1.10%	-2.00%	-4.50%	-8.40%
03/24/22	Current Account Balance	-$218.0b	-$217.9b	-$214.8b	-$219.9b
03/24/22	Initial Jobless Claims	210k	187k	214k	215k
03/24/22	Continuing Claims	1400k	1350k	1419k	1417k
03/24/22	Durable Goods Orders	-0.60%	-2.20%	1.60%	—
03/24/22	Durables Ex Transportation	0.60%	-0.60%	0.70%	0.80%
03/24/22	Cap Goods Orders Nondef Ex Air	0.50%	-0.30%	1.00%	1.30%
03/24/22	Cap Goods Ship Nondef Ex Air	1.00%	0.50%	1.90%	2.10%
03/24/22	S&P Global US Manufacturing PMI	56.6	—	57.3	—
03/24/22	S&P Global US Services PMI	56	—	56.5	—
03/24/22	S&P Global US Composite PMI	54.7	—	55.9	—
03/24/22	Revisions: Wholesale Sales, Inventories
03/24/22	Kansas City Fed Manf. Activity	26	—	29	—
03/25/22	Pending Home Sales MoM	1.00%	—	-5.70%	—
03/25/22	Pending Home Sales NSA YoY	-2.20%	—	-9.10%	—
03/25/22	U. of Mich. Sentiment	59.7	—	59.7	—
03/25/22	U. of Mich. Current Conditions	67.6	—	67.8	—
03/25/22	U. of Mich. Expectations	54.4	—	54.4	—
03/25/22	U. of Mich. 1 Yr Inflation	5.40%	—	5.40%	—
03/25/22	U. of Mich. 5-10 Yr Inflation	—	—	3.00%	—

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