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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