May 31, 2022 Headlines

Treasury yields are 9-13 basis points higher across the curve after inflation readings in Europe surprised to the upside and set fresh records in Germany and France. Stocks are responding negatively to the inflation data, including higher oil prices this morning in response to reports that the European Union has agreed to pursue a partial ban on Russian oil. Markets are also reacting to May PMI data from China, which indicated a potential deceleration in economic slowdown, as well as the announcement of fresh stimulus measures to offset the impacts of broad Covid lockdowns in recent months.

In Fed news, Governor Christopher Waller said yesterday that he supports 50 bps rate hikes “for several meetings” and wouldn’t support taking such hikes off the table until he sees inflation coming down closer to the 2% target. Waller is clearly positioning himself on the other side of the argument from some Fed leaders to potentially pause or slow the recent pace of rate hikes in September to assess the economic impact of the Fed’s actions. Fed Chair Powell will be meeting with President Biden this afternoon to discuss the current inflation troubles.

Jason Haley
Chief Investment Officer

5/31/2022FHFA House Price Index MoM2.00%2.10%
5/31/2022House Price Purchase Index QoQ3.30%
5/31/2022S&P CoreLogic CS 20-City MoM SA1.90%2.39%
5/31/2022S&P CoreLogic CS 20-City YoY NSA20.00%20.20%
5/31/2022S&P CoreLogic CS US HPI YoY NSA19.80%
5/31/2022MNI Chicago PMI5556.4
5/31/2022Conf. Board Consumer Confidence103.5107.3
5/31/2022Conf. Board Present Situation152.6
5/31/2022Conf. Board Expectations77.2
5/31/2022Dallas Fed Manf. Activity1.51.1
6/1/2022MBA Mortgage Applications-1.20%
6/1/2022S&P Global US Manufacturing PMI57.557.5
6/1/2022Construction Spending MoM0.60%0.10%
6/1/2022ISM Manufacturing54.555.4
6/1/2022ISM Prices Paid80.584.6
6/1/2022ISM New Orders53.5
6/1/2022ISM Employment50.9
6/1/2022JOLTS Job Openings11400k11549k
6/1/2022U.S. Federal Reserve Releases Beige Book
6/1/2022Wards Total Vehicle Sales14.30m14.29m
6/2/2022Challenger Job Cuts YoY6.00%
6/2/2022ADP Employment Change300k247k
6/2/2022Nonfarm Productivity-7.50%-7.50%
6/2/2022Unit Labor Costs11.60%11.60%
6/2/2022Initial Jobless Claims210k210k
6/2/2022Continuing Claims1333k1346k
6/2/2022Factory Orders Ex Trans2.50%2.10%
6/2/2022Factory Orders0.70%2.20%1.80%
6/2/2022Durable Goods Orders0.40%0.40%
6/2/2022Durables Ex Transportation0.30%0.30%
6/2/2022Cap Goods Orders Nondef Ex Air0.30%
6/2/2022Cap Goods Ship Nondef Ex Air0.80%
6/3/2022Two-Month Payroll Net Revision-39k
6/3/2022Change in Nonfarm Payrolls325k428k
6/3/2022Change in Private Payrolls300k406k
6/3/2022Change in Manufact. Payrolls39k55k
6/3/2022Unemployment Rate3.50%3.60%
6/3/2022Average Hourly Earnings MoM0.40%0.30%
6/3/2022Average Hourly Earnings YoY5.20%5.50%
6/3/2022Average Weekly Hours All Employees34.634.6
6/3/2022Labor Force Participation Rate62.30%62.20%
6/3/2022Underemployment Rate7.00%
6/3/2022S&P Global US Services PMI53.553.5
6/3/2022S&P Global US Composite PMI53.853.8
6/3/2022ISM Services Index56.557.1


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.