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

03/21/22Chicago Fed Nat Activity Index0.540.510.690.59
03/22/22Richmond Fed Manufact. Index2131
03/23/22MBA Mortgage Applications-8.10%-1.20%
03/23/22New Home Sales810k772k801k788k
03/23/22New Home Sales MoM1.10%-2.00%-4.50%-8.40%
03/24/22Current Account Balance-$218.0b-$217.9b-$214.8b-$219.9b
03/24/22Initial Jobless Claims210k187k214k215k
03/24/22Continuing Claims1400k1350k1419k1417k
03/24/22Durable Goods Orders-0.60%-2.20%1.60%
03/24/22Durables Ex Transportation0.60%-0.60%0.70%0.80%
03/24/22Cap Goods Orders Nondef Ex Air0.50%-0.30%1.00%1.30%
03/24/22Cap Goods Ship Nondef Ex Air1.00%0.50%1.90%2.10%
03/24/22S&P Global US Manufacturing PMI56.657.3
03/24/22S&P Global US Services PMI5656.5
03/24/22S&P Global US Composite PMI54.755.9
03/24/22Revisions: Wholesale Sales, Inventories
03/24/22Kansas City Fed Manf. Activity2629
03/25/22Pending Home Sales MoM1.00%-5.70%
03/25/22Pending Home Sales NSA YoY-2.20%-9.10%
03/25/22U. of Mich. Sentiment59.759.7
03/25/22U. of Mich. Current Conditions67.667.8
03/25/22U. of Mich. Expectations54.454.4
03/25/22U. of Mich. 1 Yr Inflation5.40%5.40%
03/25/22U. of Mich. 5-10 Yr Inflation3.00%


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