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

Date	Event	Surv(M)	Actual	Prior	Revised
05/16/22	Empire Manufacturing	15	-11.6	24.6	—
05/16/22	Net Long-term TIC Flows	—	$23.1b	$141.7b	—
05/16/22	Total Net TIC Flows	—	$149.2b	$162.6b	$160.3b
05/17/22	Retail Sales Advance MoM	1.00%	0.90%	0.50%	1.40%
05/17/22	Retail Sales Ex Auto MoM	0.40%	0.60%	1.10%	2.10%
05/17/22	Retail Sales Ex Auto and Gas	0.70%	1.00%	0.20%	1.20%
05/17/22	Retail Sales Control Group	0.70%	1.00%	-0.10%	1.10%
05/17/22	Industrial Production MoM	0.50%	—	0.90%	—
05/17/22	Capacity Utilization	78.60%	—	78.30%	—
05/17/22	Manufacturing (SIC) Production	0.40%	—	0.90%	—
05/17/22	Business Inventories	1.90%	—	1.50%	—
05/17/22	NAHB Housing Market Index	75	—	77	—
05/18/22	MBA Mortgage Applications	—	—	2.00%	—
05/18/22	Housing Starts	1759k	—	1793k	—
05/18/22	Housing Starts MoM	-1.90%	—	0.30%	—
05/18/22	Building Permits	1820k	—	1873k	1870k
05/18/22	Building Permits MoM	-2.70%	—	0.40%	0.30%
05/19/22	Philadelphia Fed Business Outlook	15.2	—	17.6	—
05/19/22	Initial Jobless Claims	200k	—	203k	—
05/19/22	Continuing Claims	1320k	—	1343k	—
05/19/22	Existing Home Sales	5.65m	—	5.77m	—
05/19/22	Existing Home Sales MoM	-2.10%	—	-2.70%	—
05/19/22	Leading Index	0.00%	—	0.30%	—

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