May 19, 2022 Headlines

Risk markets did not rebound overnight, and S&P 500 futures are down another 0.92% following yesterday’s 4% plunge. Treasury yields are down 6-8 basis points across the curve, and government bond yields in most other large overseas markets are lower as well on the same general concerns that the global economy is softening amid high inflation and central bank tightening. Treasury Secretary Janet Yellen confirmed that she is advocating within the White House for an elimination of some tariffs placed on Chinese goods by the Trump administration. “Some of them, to me, seem as though they impose more harm on consumers and businesses and aren’t very strategic in the sense of addressing real issues we have with China,” said Yellen. There is reportedly a heated debate amongst aides to President Biden on the topic.

Jason Haley
Chief Investment Officer

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 2.6 17.6
05/19/22 Initial Jobless Claims 200k 218k 203k 197k
05/19/22 Continuing Claims 1323k 1317k 1343k 1342k
05/19/22 Existing Home Sales 5.64m 5.77m
05/19/22 Existing Home Sales MoM -2.30% -2.70%
05/19/22 Leading Index 0.00% 0.30%

 

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