May 20, 2022 Headlines

A modest risk-on trade overnight has S&P 500 futures up more than 1% in early trading this morning. Treasury yields are unchanged to slightly lower out the curve in relatively light trading. With no economic data releases or Fed speakers today, it should be a less adventurous day for financial markets, at least relative to 2022 standards. Next week we will receive the minutes of the May 4 FOMC meeting on Wednesday, which should shine more light on the internal debate surrounding larger rate hikes (e.g., 75 bps) and general forward guidance, and April PCE data will be released next Friday.

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	5.61m	5.77m	5.75m
05/19/22	Existing Home Sales MoM	-2.30%	-2.40%	-2.70%	-3.00%
05/19/22	Leading Index	0.00%	-0.30%	0.30%	0.10%

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