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

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 Sales5.64m5.61m5.77m5.75m
05/19/22Existing Home Sales MoM-2.30%-2.40%-2.70%-3.00%
05/19/22Leading Index0.00%-0.30%0.30%0.10%

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