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

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%


Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.