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

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%	1.10%	0.90%	—
05/17/22	Capacity Utilization	78.60%	79.00%	78.30%	78.20%
05/17/22	Manufacturing (SIC) Production	0.40%	0.80%	0.90%	0.80%
05/17/22	Business Inventories	1.90%	2.00%	1.50%	1.80%
05/17/22	NAHB Housing Market Index	75	69	77	—
05/18/22	MBA Mortgage Applications	—	-11.00%	2.00%	—
05/18/22	Revisions: Housing Starts/Permits
05/18/22	Housing Starts	1756k	1724k	1793k	1728k
05/18/22	Housing Starts MoM	-2.10%	-0.20%	0.30%	-2.80%
05/18/22	Building Permits	1814k	1819k	1873k	1870k
05/18/22	Building Permits MoM	-3.00%	-3.20%	0.40%	0.30%
05/19/22	Philadelphia Fed Business Outlook	15	—	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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