May 10, 2022 Headlines

Treasury yields are lower and flatter to start the day, with the belly of the yield curve leading the way down 5 basis points. The tone in risk markets is improved following yesterday’s selloff, the third decline in as many days. S&P 500 futures are currently up 0.94% as of 8:30am ET. Six different Fed leaders are scheduled to speak today, including Fed Governor Christopher Waller. Atlanta Fed President Raphael Bostic said yesterday he thinks the FOMC can do 50 bps hikes “maybe two, maybe three times” and then assess how the economy and inflation are responding.

Jason Haley
Chief Investment Officer

DateEventSurv(M)ActualPriorRevised
05/09/22Wholesale Inventories MoM2.30%2.30%2.30%
05/09/22Wholesale Trade Sales MoM1.80%1.70%1.70%1.50%
05/10/22NFIB Small Business Optimism92.993.293.2
05/11/22MBA Mortgage Applications2.50%
05/11/22CPI MoM0.20%1.20%
05/11/22CPI Ex Food and Energy MoM0.40%0.30%
05/11/22CPI YoY8.10%8.50%
05/11/22CPI Ex Food and Energy YoY6.00%6.50%
05/11/22CPI Index NSA288.768287.504
05/11/22CPI Core Index SA289.861288.811
05/11/22Real Avg Hourly Earning YoY-2.70%-2.60%
05/11/22Real Avg Weekly Earnings YoY-3.60%-3.50%
05/11/22Monthly Budget Statement$260.0b-$192.7b
05/12/22PPI Final Demand MoM0.50%1.40%
05/12/22PPI Ex Food and Energy MoM0.60%1.00%
05/12/22PPI Ex Food, Energy, Trade MoM0.60%0.90%
05/12/22PPI Final Demand YoY10.70%11.20%
05/12/22PPI Ex Food and Energy YoY8.90%9.20%
05/12/22PPI Ex Food, Energy, Trade YoY7.00%
05/12/22Initial Jobless Claims193k200k
05/12/22Continuing Claims1370k1384k
05/13/22Import Price Index MoM0.60%2.60%
05/13/22Import Price Index ex Petroleum MoM0.70%1.10%
05/13/22Import Price Index YoY12.10%12.50%
05/13/22Export Price Index MoM0.70%4.50%
05/13/22Export Price Index YoY18.80%
05/13/22Bloomberg May United States Economic Survey
05/13/22U. of Mich. Sentiment6465.2
05/13/22U. of Mich. Current Conditions7069.4
05/13/22U. of Mich. Expectations61.562.5
05/13/22U. of Mich. 1 Yr Inflation5.50%5.40%
05/13/22U. of Mich. 5-10 Yr Inflation3.00%
05/13/22Revisions: Manufacturing Shipments, Orders, Inventories

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