November 8, 2022 Headlines

A mild rally in Treasuries this morning has yields down 2-3 basis points across the curve in parallel fashion. It should be a relatively quiet day with no major economic releases or Fed speakers, with some focus toward the midterm election results in the coming days. However, Thursday’s CPI report is still the primary focus for this week. In housing news, the Black Knight Home Price Index fell 0.52% in September, the third consecutive monthly decline. Annualized home price appreciation, while slower, was still double historical averages at 10.7%. Additionally, home values in the 50 largest markets remain up 16% – 66% since the beginning of the pandemic, but $1.3 trillion (-7.6%) of home equity was erased in Q3, the largest quarterly decline on record and largest percentage decline since 2009. According to, the average national 30-year mortgage rate is 7.32%, up from 3.07% a year ago.

Jason Haley
Chief Investment Officer

11/8/2022NFIB Small Business Optimism91.491.392.1
11/9/2022MBA Mortgage Applications-0.50%
11/9/2022Wholesale Trade Sales MoM0.50%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 NSA298.488296.808
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 Claims1487k1485k
11/10/2022Monthly Budget Statement-$92.5b-$429.7b
11/11/2022U. of Mich. Sentiment59.559.9
11/11/2022U. of Mich. Current Conditions63.565.6
11/11/2022U. of Mich. Expectations5556.2
11/11/2022U. of Mich. 1 Yr Inflation5.10%5.00%
11/11/2022U. of Mich. 5-10 Yr Inflation2.90%2.90%
11/15/2022PPI Ex Food and Energy YoY7.20%
11/15/2022PPI Final Demand MoM0.50%0.40%
11/15/2022PPI Ex Food and Energy MoM0.40%0.30%
11/15/2022PPI Ex Food, Energy, Trade MoM0.40%0.40%
11/15/2022Empire Manufacturing-5-9.1
11/15/2022PPI Final Demand YoY8.40%8.50%
11/15/2022PPI Ex Food, Energy, Trade YoY5.60%
11/15/2022Bloomberg Nov. United States Economic Survey

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.