May 27, 2022 Headlines

The market is quiet ahead of the long weekend. Long-end Treasury yields are down 2 to 3 bps to start this morning after equity markets rebounded overnight. US equity futures have given back some of those gains and are currently in the red ahead of the open. Personal spending came in slightly higher than expected at 0.9% m/m vs 0.8% forecast, while income came in slightly lower than expected at 0.4% m/m vs 0.5% m/m. As a reminder, the market will close early today at 2 PM Eastern for Memorial Day.

Hafizan Hamzah
Senior Director, Investment Management Group

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	57.5	59.2	—
05/24/22	S&P Global US Services PMI	55.2	53.5	55.6	—
05/24/22	S&P Global US Composite PMI	55.7	53.8	56	—
05/24/22	Revisions: New Home Sales
05/24/22	Richmond Fed Manufact. Index	10	-9	14	—
05/24/22	New Home Sales	748k	591k	763k	709k
05/24/22	New Home Sales MoM	-2.00%	-16.60%	-8.60%	-10.50%
05/25/22	MBA Mortgage Applications	—	-1.20%	-11.00%	—
05/25/22	Durable Goods Orders	0.60%	0.40%	1.10%	0.60%
05/25/22	Durables Ex Transportation	0.60%	0.30%	1.40%	1.10%
05/25/22	Cap Goods Orders Nondef Ex Air	0.50%	0.30%	1.30%	1.10%
05/25/22	Cap Goods Ship Nondef Ex Air	0.50%	0.80%	0.40%	0.20%
05/25/22	FOMC Meeting Minutes	—	—	—	—
05/26/22	GDP Annualized QoQ	-1.30%	-1.50%	-1.40%	—
05/26/22	Personal Consumption	2.80%	3.10%	2.70%	—
05/26/22	GDP Price Index	8.00%	8.10%	8.00%	—
05/26/22	Core PCE QoQ	5.20%	5.10%	5.20%	—
05/26/22	Initial Jobless Claims	215k	210k	218k	—
05/26/22	Continuing Claims	1310k	1346k	1317k	1315k
05/26/22	Pending Home Sales MoM	-2.10%	-3.90%	-1.20%	-1.60%
05/26/22	Pending Home Sales NSA YoY	-7.60%	-11.50%	-8.90%	-9.20%
05/26/22	Kansas City Fed Manf. Activity	15	23	25	—
05/27/22	Advance Goods Trade Balance	-$114.9b	-$105.9b	-$125.3b	-$125.9b
05/27/22	Retail Inventories MoM	2.00%	0.70%	2.00%	3.00%
05/27/22	Wholesale Inventories MoM	2.00%	2.10%	2.30%	2.70%
05/27/22	Personal Income	0.50%	0.40%	0.50%	—
05/27/22	Personal Spending	0.80%	0.90%	1.10%	1.40%
05/27/22	Real Personal Spending	0.70%	0.70%	0.20%	0.50%
05/27/22	PCE Deflator MoM	0.20%	0.20%	0.90%	—
05/27/22	PCE Deflator YoY	6.20%	6.30%	6.60%	—
05/27/22	PCE Core Deflator MoM	0.30%	0.30%	0.30%	—
05/27/22	PCE Core Deflator YoY	4.90%	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	—	63.6	—
05/27/22	U. of Mich. Expectations	56.3	—	56.3	—
05/27/22	U. of Mich. 1 Yr Inflation	5.40%	—	5.40%	—
05/27/22	U. of Mich. 5-10 Yr Inflation	—	—	3.00%	—

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