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

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 Outlook152.617.6
05/19/22Initial Jobless Claims200k218k203k197k
05/19/22Continuing Claims1323k1317k1343k1342k
05/19/22Existing Home Sales5.64m5.77m
05/19/22Existing Home Sales MoM-2.30%-2.70%
05/19/22Leading Index0.00%0.30%


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