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

DateEventSurv(M)ActualPriorRevised
05/23/22Chicago Fed Nat Activity Index0.50.470.440.36
05/24/22S&P Global US Manufacturing PMI57.759.2
05/24/22S&P Global US Services PMI55.255.6
05/24/22S&P Global US Composite PMI55.756
05/24/22Revisions: New Home Sales
05/24/22Richmond Fed Manufact. Index1014
05/24/22New Home Sales749k763k
05/24/22New Home Sales MoM-1.80%-8.60%
05/25/22MBA Mortgage Applications-11.00%
05/25/22Durable Goods Orders0.60%1.10%
05/25/22Durables Ex Transportation0.50%1.40%
05/25/22Cap Goods Orders Nondef Ex Air0.50%1.30%
05/25/22Cap Goods Ship Nondef Ex Air0.50%0.40%
05/25/22FOMC Meeting Minutes
05/26/22GDP Annualized QoQ-1.30%-1.40%
05/26/22Personal Consumption2.80%2.70%
05/26/22GDP Price Index8.00%8.00%
05/26/22Core PCE QoQ5.20%5.20%
05/26/22Initial Jobless Claims215k218k
05/26/22Continuing Claims1310k1317k
05/26/22Pending Home Sales MoM-2.00%-1.20%
05/26/22Pending Home Sales NSA YoY-8.00%-8.90%
05/26/22Kansas City Fed Manf. Activity1825
05/27/22Advance Goods Trade Balance-$114.8b-$125.3b-$127.1b
05/27/22Wholesale Inventories MoM1.90%2.30%
05/27/22Personal Income0.50%0.50%
05/27/22Personal Spending0.70%1.10%
05/27/22Real Personal Spending0.70%0.20%
05/27/22Retail Inventories MoM2.00%2.00%
05/27/22PCE Deflator MoM0.20%0.90%
05/27/22PCE Deflator YoY6.20%6.60%
05/27/22PCE Core Deflator MoM0.30%0.30%
05/27/22PCE Core Deflator YoY4.90%5.20%
05/27/22U. of Mich. Sentiment59.159.1
05/27/22U. of Mich. Current Conditions63.6
05/27/22U. of Mich. Expectations56.3
05/27/22U. of Mich. 1 Yr Inflation5.40%
05/27/22U. of Mich. 5-10 Yr Inflation3.00%

 

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