May 23, 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 | Survey | Actual | Prior | Revised |
| 5/23/2022 | Chicago Fed Nat Activity Index | 0.5 | 0.47 | 0.44 | 0.36 |
| 5/24/2022 | S&P Global US Manufacturing PMI | 57.8 | — | 59.2 | — |
| 5/24/2022 | S&P Global US Services PMI | 55.3 | — | 55.6 | — |
| 5/24/2022 | S&P Global US Composite PMI | 55.5 | — | 56 | — |
| 5/24/2022 | Richmond Fed Manufact. Index | 10 | — | 14 | — |
| 5/24/2022 | New Home Sales | 750k | — | 763k | — |
| 5/24/2022 | New Home Sales MoM | -1.70% | — | -8.60% | — |
| 5/25/2022 | MBA Mortgage Applications | — | — | -11.00% | — |
| 5/25/2022 | Durable Goods Orders | 0.60% | — | 1.10% | — |
| 5/25/2022 | Durables Ex Transportation | 0.60% | — | 1.40% | — |
| 5/25/2022 | Cap Goods Orders Nondef Ex Air | 0.50% | — | 1.30% | — |
| 5/25/2022 | Cap Goods Ship Nondef Ex Air | 0.50% | — | 0.40% | — |
| 5/25/2022 | FOMC Meeting Minutes | — | — | — | — |
| 5/26/2022 | GDP Annualized QoQ | -1.30% | — | -1.40% | — |
| 5/26/2022 | Personal Consumption | 2.90% | — | 2.70% | — |
| 5/26/2022 | GDP Price Index | 8.00% | — | 8.00% | — |
| 5/26/2022 | Core PCE QoQ | 5.20% | — | 5.20% | — |
| 5/26/2022 | Initial Jobless Claims | 210k | — | 218k | — |
| 5/26/2022 | Continuing Claims | 1310k | — | 1317k | — |
| 5/26/2022 | Pending Home Sales MoM | -2.00% | — | -1.20% | — |
| 5/26/2022 | Pending Home Sales NSA YoY | — | — | -8.90% | — |
| 5/26/2022 | Kansas City Fed Manf. Activity | 18 | — | 25 | — |
| 5/27/2022 | Advance Goods Trade Balance | -$114.7b | — | -$125.3b | -$127.1b |
| 5/27/2022 | Wholesale Inventories MoM | 1.90% | — | 2.30% | — |
| 5/27/2022 | Personal Income | 0.50% | — | 0.50% | — |
| 5/27/2022 | Personal Spending | 0.70% | — | 1.10% | — |
| 5/27/2022 | Real Personal Spending | 0.70% | — | 0.20% | — |
| 5/27/2022 | Retail Inventories MoM | 2.00% | — | 2.00% | — |
| 5/27/2022 | PCE Deflator MoM | 0.20% | — | 0.90% | — |
| 5/27/2022 | PCE Deflator YoY | 6.20% | — | 6.60% | — |
| 5/27/2022 | PCE Core Deflator MoM | 0.30% | — | 0.30% | — |
| 5/27/2022 | PCE Core Deflator YoY | 4.90% | — | 5.20% | — |
| 5/27/2022 | U. of Mich. Sentiment | 59.1 | — | 59.1 | — |
| 5/27/2022 | U. of Mich. Current Conditions | — | — | 63.6 | — |
| 5/27/2022 | U. of Mich. Expectations | — | — | 56.3 | — |
| 5/27/2022 | U. of Mich. 1 Yr Inflation | — | — | 5.40% | — |
| 5/27/2022 | U. of Mich. 5-10 Yr Inflation | — | — | 3.00% | — |
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