March 25, 2022 Headlines

It was a relatively quiet overnight session for Treasuries, but one with healthier two-way flows. Yields are slightly lower and flatter so far this morning, and U.S. equity futures are up 26-40 bps a little more than an hour ahead of the open. Both bonds and equities are also responding positively to a 3-4% decline in oil prices today. There’s seemingly more focus on European growth prospects this morning and whether a recession is on the near horizon given the complications from the war in Ukraine and consequential sanctions against Russia. To that end ECB board member Isabel Schnabel unsurprisingly said the central bank’s asset purchase program would potentially be extended if the Euro zone economy fell into a “deep recession.” On the domestic front, the University of Michigan consumer sentiment survey data will be released later this morning, and next week’s calendar will be headlined by the March jobs report (Friday) and March PCE data (Thursday).

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	58.5	57.3	—
03/24/22	S&P Global US Services PMI	56	58.9	56.5	—
03/24/22	S&P Global US Composite PMI	54.7	58.5	55.9	—
03/24/22	Revisions: Wholesale Sales, Inventories
03/24/22	Kansas City Fed Manf. Activity	26	37	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%	—

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

December 8, 2023 Headlines December 8, 2023
December 7, 2023 Headlines December 7, 2023
December 6, 2023 Headlines December 6, 2023

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.