May 18, 2022 Headlines

Long-end Treasury yields are slightly lower this morning while US equity futures sit in the red as hawkish comments from Chair Powell put a damper on yesterday’s rally. The MBA Mortgage Applications index fell 11% last week. Purchases were down 11.9% while refis were down 9.5%. The average 30-year rate was down slightly from 5.53% to 5.49% last week. The combination of higher mortgage rates and materials scarcity took its toll on new construction. New home starts in April fell by 0.2% to a 1.72 million annualized rate (lower than the median forecast of 1.76 million). Building permits also fell in April, declining by 3.2% to 1.82 million.

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%1.10%0.90%
05/17/22Capacity Utilization78.60%79.00%78.30%78.20%
05/17/22Manufacturing (SIC) Production0.40%0.80%0.90%0.80%
05/17/22Business Inventories1.90%2.00%1.50%1.80%
05/17/22NAHB Housing Market Index756977
05/18/22MBA Mortgage Applications-11.00%2.00%
05/18/22Revisions: Housing Starts/Permits
05/18/22Housing Starts1756k1724k1793k1728k
05/18/22Housing Starts MoM-2.10%-0.20%0.30%-2.80%
05/18/22Building Permits1814k1819k1873k1870k
05/18/22Building Permits MoM-3.00%-3.20%0.40%0.30%
05/19/22Philadelphia Fed Business Outlook1517.6
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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