May 9, 2022 Headlines

Equities were under pressure again overnight, and U.S. futures are down 1.35%-2.20% approximately one hour ahead of the open. Treasuries are mixed and the curve steeper so far this morning. Front-end yields are 3-7 basis points lower and long-end yields 2-5 bps higher. Two of the more hawkish leaders at the Fed in recent months, Governor Christopher Waller and James Bullard (St. Louis Fed), are pushing back on the idea that the Fed is behind the curve on fighting inflation. Waller pointed to the fact that effective policy tightening began last September when markets began pricing for rate hikes given more hawkish comments from Fed leaders at that time. Bullard, one of the most outspoken hawks, reiterated that inflation is “far too high,” but he also noted the fact that markets have already priced an aggressive path for forward monetary policy. A big focus for this week will be the April CPI report released on Wednesday morning.

Jason Haley
Chief Investment Officer

Date	Event	Surv(M)	Actual	Prior	Revised
05/09/22	Wholesale Inventories MoM	2.30%	—	2.30%	—
05/09/22	Wholesale Trade Sales MoM	1.80%	—	1.70%	—
05/10/22	NFIB Small Business Optimism	92.9	—	93.2	—
05/11/22	MBA Mortgage Applications	—	—	2.50%	—
05/11/22	Real Avg Hourly Earning YoY	—	—	-2.70%	-2.60%
05/11/22	Real Avg Weekly Earnings YoY	—	—	-3.60%	-3.50%
05/11/22	CPI MoM	0.20%	—	1.20%	—
05/11/22	CPI Ex Food and Energy MoM	0.40%	—	0.30%	—
05/11/22	CPI YoY	8.10%	—	8.50%	—
05/11/22	CPI Ex Food and Energy YoY	6.00%	—	6.50%	—
05/11/22	CPI Index NSA	288.742	—	287.504	—
05/11/22	CPI Core Index SA	289.861	—	288.811	—
05/11/22	Monthly Budget Statement	$220.0b	—	-$192.7b	—
05/12/22	PPI Ex Food and Energy YoY	8.90%	—	9.20%	—
05/12/22	PPI Final Demand MoM	0.50%	—	1.40%	—
05/12/22	PPI Ex Food and Energy MoM	0.60%	—	1.00%	—
05/12/22	PPI Ex Food, Energy, Trade MoM	0.60%	—	0.90%	—
05/12/22	PPI Final Demand YoY	10.70%	—	11.20%	—
05/12/22	Initial Jobless Claims	192k	—	200k	—
05/12/22	PPI Ex Food, Energy, Trade YoY	—	—	7.00%	—
05/12/22	Continuing Claims	1370k	—	1384k	—
05/13/22	Import Price Index MoM	0.60%	—	2.60%	—
05/13/22	Import Price Index ex Petroleum MoM	0.80%	—	1.10%	—
05/13/22	Import Price Index YoY	12.10%	—	12.50%	—
05/13/22	Export Price Index MoM	0.70%	—	4.50%	—
05/13/22	Export Price Index YoY	—	—	18.80%	—
05/13/22	Bloomberg May United States Economic Survey
05/13/22	U. of Mich. Sentiment	64	—	65.2	—
05/13/22	U. of Mich. Current Conditions	70	—	69.4	—
05/13/22	U. of Mich. Expectations	61.5	—	62.5	—
05/13/22	U. of Mich. 1 Yr Inflation	5.50%	—	5.40%	—
05/13/22	U. of Mich. 5-10 Yr Inflation	—	—	3.00%	—
05/13/22	Revisions: Manufacturing Shipments, Orders, Inventories

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