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

5/23/2022Chicago Fed Nat Activity Index0.50.470.440.36
5/24/2022S&P Global US Manufacturing PMI57.859.2
5/24/2022S&P Global US Services PMI55.355.6
5/24/2022S&P Global US Composite PMI55.556
5/24/2022Richmond Fed Manufact. Index1014
5/24/2022New Home Sales750k763k
5/24/2022New Home Sales MoM-1.70%-8.60%
5/25/2022MBA Mortgage Applications-11.00%
5/25/2022Durable Goods Orders0.60%1.10%
5/25/2022Durables Ex Transportation0.60%1.40%
5/25/2022Cap Goods Orders Nondef Ex Air0.50%1.30%
5/25/2022Cap Goods Ship Nondef Ex Air0.50%0.40%
5/25/2022FOMC Meeting Minutes
5/26/2022GDP Annualized QoQ-1.30%-1.40%
5/26/2022Personal Consumption2.90%2.70%
5/26/2022GDP Price Index8.00%8.00%
5/26/2022Core PCE QoQ5.20%5.20%
5/26/2022Initial Jobless Claims210k218k
5/26/2022Continuing Claims1310k1317k
5/26/2022Pending Home Sales MoM-2.00%-1.20%
5/26/2022Pending Home Sales NSA YoY-8.90%
5/26/2022Kansas City Fed Manf. Activity1825
5/27/2022Advance Goods Trade Balance-$114.7b-$125.3b-$127.1b
5/27/2022Wholesale Inventories MoM1.90%2.30%
5/27/2022Personal Income0.50%0.50%
5/27/2022Personal Spending0.70%1.10%
5/27/2022Real Personal Spending0.70%0.20%
5/27/2022Retail Inventories MoM2.00%2.00%
5/27/2022PCE Deflator MoM0.20%0.90%
5/27/2022PCE Deflator YoY6.20%6.60%
5/27/2022PCE Core Deflator MoM0.30%0.30%
5/27/2022PCE Core Deflator YoY4.90%5.20%
5/27/2022U. of Mich. Sentiment59.159.1
5/27/2022U. of Mich. Current Conditions63.6
5/27/2022U. of Mich. Expectations56.3
5/27/2022U. of Mich. 1 Yr Inflation5.40%
5/27/2022U. of Mich. 5-10 Yr Inflation3.00%


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