May 24, 2022 Headlines

US equity futures are softer again in early trading on weaker earnings guidance in the tech space, as well as softer PMI data in Europe. Treasury yields are 3-5 basis points lower across the curve. ECB Governing Council member Villeroy reinforced expectations of impending rate hikes, saying that increases at the next two meetings were likely a done deal. In the United Kingdom, preliminary May PMI data came in well below expectations, and the reading for the services sector fell from 58.9 to 51.8 (57.0 expected), a 15-month low. Atlanta Fed President Raphael Bostic said pausing rate hikes at the September FOMC meeting “might make sense” following 50 bps hikes at the June and July meetings, which he currently supports. Fed Chair Powell will be delivering pre-recorded welcoming remarks at an economic summit later today, and the minutes of the May 4 FOMC meeting will be released tomorrow.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
05/23/22	Chicago Fed Nat Activity Index	0.5	0.47	0.44	0.36
05/24/22	S&P Global US Manufacturing PMI	57.7	—	59.2	—
05/24/22	S&P Global US Services PMI	55.2	—	55.6	—
05/24/22	S&P Global US Composite PMI	55.7	—	56	—
05/24/22	Revisions: New Home Sales
05/24/22	Richmond Fed Manufact. Index	10	—	14	—
05/24/22	New Home Sales	749k	—	763k	—
05/24/22	New Home Sales MoM	-1.80%	—	-8.60%	—
05/25/22	MBA Mortgage Applications	—	—	-11.00%	—
05/25/22	Durable Goods Orders	0.60%	—	1.10%	—
05/25/22	Durables Ex Transportation	0.50%	—	1.40%	—
05/25/22	Cap Goods Orders Nondef Ex Air	0.50%	—	1.30%	—
05/25/22	Cap Goods Ship Nondef Ex Air	0.50%	—	0.40%	—
05/25/22	FOMC Meeting Minutes	—	—	—	—
05/26/22	GDP Annualized QoQ	-1.30%	—	-1.40%	—
05/26/22	Personal Consumption	2.80%	—	2.70%	—
05/26/22	GDP Price Index	8.00%	—	8.00%	—
05/26/22	Core PCE QoQ	5.20%	—	5.20%	—
05/26/22	Initial Jobless Claims	215k	—	218k	—
05/26/22	Continuing Claims	1310k	—	1317k	—
05/26/22	Pending Home Sales MoM	-2.00%	—	-1.20%	—
05/26/22	Pending Home Sales NSA YoY	-8.00%	—	-8.90%	—
05/26/22	Kansas City Fed Manf. Activity	18	—	25	—
05/27/22	Advance Goods Trade Balance	-$114.8b	—	-$125.3b	-$127.1b
05/27/22	Wholesale Inventories MoM	1.90%	—	2.30%	—
05/27/22	Personal Income	0.50%	—	0.50%	—
05/27/22	Personal Spending	0.70%	—	1.10%	—
05/27/22	Real Personal Spending	0.70%	—	0.20%	—
05/27/22	Retail Inventories MoM	2.00%	—	2.00%	—
05/27/22	PCE Deflator MoM	0.20%	—	0.90%	—
05/27/22	PCE Deflator YoY	6.20%	—	6.60%	—
05/27/22	PCE Core Deflator MoM	0.30%	—	0.30%	—
05/27/22	PCE Core Deflator YoY	4.90%	—	5.20%	—
05/27/22	U. of Mich. Sentiment	59.1	—	59.1	—
05/27/22	U. of Mich. Current Conditions	—	—	63.6	—
05/27/22	U. of Mich. Expectations	—	—	56.3	—
05/27/22	U. of Mich. 1 Yr Inflation	—	—	5.40%	—
05/27/22	U. of Mich. 5-10 Yr Inflation	—	—	3.00%	—

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