May 17, 2022 Headlines

Treasury yields moved higher following the release of April retail sales data while futures on the S&P and Dow held onto gains, currently up 1.15% and 1.42% respectively. Retail sales came in at +0.9% m/m, just shy of the median forecast of +1.0%. March’s number was revised higher to +1.4% from +0.5%. April’s number taken in concert with March’s upward revision paints the picture of a fairly resilient consumer continuing to spend despite inflation. This data should help keep the Fed on its path of rate hikes.

Hafizan Hamzah
Senior Director, Investment Management Group

05/16/22Empire Manufacturing15-11.624.6
05/16/22Net Long-term TIC Flows$23.1b$141.7b
05/16/22Total Net TIC Flows$149.2b$162.6b$160.3b
05/17/22Retail Sales Advance MoM1.00%0.90%0.50%1.40%
05/17/22Retail Sales Ex Auto MoM0.40%0.60%1.10%2.10%
05/17/22Retail Sales Ex Auto and Gas0.70%1.00%0.20%1.20%
05/17/22Retail Sales Control Group0.70%1.00%-0.10%1.10%
05/17/22Industrial Production MoM0.50%0.90%
05/17/22Capacity Utilization78.60%78.30%
05/17/22Manufacturing (SIC) Production0.40%0.90%
05/17/22Business Inventories1.90%1.50%
05/17/22NAHB Housing Market Index7577
05/18/22MBA Mortgage Applications2.00%
05/18/22Housing Starts1759k1793k
05/18/22Housing Starts MoM-1.90%0.30%
05/18/22Building Permits1820k1873k1870k
05/18/22Building Permits MoM-2.70%0.40%0.30%
05/19/22Philadelphia Fed Business Outlook15.217.6
05/19/22Initial Jobless Claims200k203k
05/19/22Continuing Claims1320k1343k
05/19/22Existing Home Sales5.65m5.77m
05/19/22Existing Home Sales MoM-2.10%-2.70%
05/19/22Leading Index0.00%0.30%


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