November 7, 2022 Headlines

A relatively quiet news cycle over the weekend has Treasuries and U.S. equity futures little changed to begin the week. Investors continue to digest last week’s FOMC meeting and Friday’s jobs data and focus now shifts to tomorrow’s election results and Thursday’s CPI report for October. Several Fed leaders will be speaking this week as well, beginning with Susan Collins (Boston Fed) and Tom Barkin (Richmond Fed) at separate events today. Short-term markets are still pricing in a higher probability of a stepped-down 50 basis point hike at the December meeting, but before that decision comes on 12/14, we will have seen another monthly jobs report and two CPI reports. While the November FOMC official statement opened the door for a slower pace of hikes, the decision is still data dependent.

Jason Haley
Chief Investment Officer

11/7/2022Consumer Credit$30.000b$32.241b
11/8/2022NFIB Small Business Optimism91.392.1
11/9/2022MBA Mortgage Applications-0.50%
11/9/2022Wholesale Trade Sales MoM0.40%0.10%
11/9/2022Wholesale Inventories MoM0.80%0.80%
11/10/2022CPI MoM0.60%0.40%
11/10/2022CPI Ex Food and Energy MoM0.50%0.60%
11/10/2022CPI YoY7.90%8.20%
11/10/2022CPI Ex Food and Energy YoY6.50%6.60%
11/10/2022CPI Index NSA298.572296.808
11/10/2022CPI Core Index SA300.094298.66
11/10/2022Real Avg Hourly Earning YoY-3.00%
11/10/2022Real Avg Weekly Earnings YoY-3.80%
11/10/2022Initial Jobless Claims220k217k
11/10/2022Continuing Claims1500k1485k
11/10/2022Monthly Budget Statement-$95.0b-$429.7b
11/11/2022U. of Mich. Sentiment59.559.9
11/11/2022U. of Mich. Current Conditions63.465.6
11/11/2022U. of Mich. Expectations54.556.2
11/11/2022U. of Mich. 1 Yr Inflation5.10%5.00%
11/11/2022U. of Mich. 5-10 Yr Inflation2.90%2.90%


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