November 23, 2022 Headlines

Treasury yields are 3 to 6 bps higher this morning following relatively light overnight trading as Japan was closed. Initial jobless claims came in higher than expected, rising by 17,000 to 240,000, the median forecast had called for a reading of 225,000. Continuing claims rose by 48,000 to 1.551 million. All in all, the labor market continues to hum along with jobless claims numbers still below historical averages. The market will be interested to see if the Fed minutes from November FOMC meeting give any indication of a slow down in the pace of tightening. Expectations are that the Fed will be unified in a decision to raise rates, but the question is will there be consensus to raise rates higher than expected.
Hafizan Hamzah
Senior Director, Investment Management Group

Date Event Surv(M) Actual Prior Revised
11/21/22 Chicago Fed Nat Activity Index 0 -0.05 0.1 0.17
11/22/22 Richmond Fed Manufact. Index -8 -9 -10
11/23/22 MBA Mortgage Applications 2.20% 2.70%
11/23/22 Durable Goods Orders 0.40% 1.00% 0.40% 0.30%
11/23/22 Durables Ex Transportation 0.00% 0.50% -0.50% -0.90%
11/23/22 Cap Goods Orders Nondef Ex Air 0.00% 0.70% -0.40% -0.80%
11/23/22 Cap Goods Ship Nondef Ex Air 0.20% 1.30% -0.50% -0.10%
11/23/22 Initial Jobless Claims 225k 240k 222k 223k
11/23/22 Continuing Claims 1520k 1551k 1507k 1503k
11/23/22 S&P Global US Manufacturing PMI 50 50.4
11/23/22 S&P Global US Services PMI 48 47.8
11/23/22 S&P Global US Composite PMI 48 48.2
11/23/22 U. of Mich. Sentiment 55 54.7
11/23/22 U. of Mich. Current Conditions 57.8 57.8
11/23/22 U. of Mich. Expectations 52.5 52.7
11/23/22 U. of Mich. 1 Yr Inflation 5.10% 5.10%
11/23/22 U. of Mich. 5-10 Yr Inflation 3.00% 3.00%
11/23/22 New Home Sales 570k 603k
11/23/22 New Home Sales MoM -5.50% -10.90%
11/23/22 FOMC Meeting Minutes

 

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