Financial markets are partially reversing yesterday’s trade, with the dollar modestly higher, the Treasury curve flatter, and US equity futures higher.
Overnight trading volumes were below recent averages despite European reopening following the long holiday weekend. The Wall Street Journal suggests that President Trump’s persistent criticism of Jerome Powell over the last week is “laying the groundwork” to make the Fed chair the fall guy for any economic fallout from the White House’s trade war. Five different Fed leaders will be speaking today, beginning with Governor Philip Jefferson this morning.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 4/22/2025 | Philadelphia Fed Non-Manufacturing Activity | — | -42.7 | -32.5 | — |
| 4/22/2025 | Richmond Fed Manufact. Index | -7 | — | -4 | — |
| 4/22/2025 | Richmond Fed Business Conditions | — | — | -14 | — |
| 4/23/2025 | MBA Mortgage Applications | — | — | -8.50% | — |
| 4/23/2025 | S&P Global US Manufacturing PMI | 49 | — | 50.2 | — |
| 4/23/2025 | S&P Global US Services PMI | 52.8 | — | 54.4 | — |
| 4/23/2025 | S&P Global US Composite PMI | 52.2 | — | 53.5 | — |
| 4/23/2025 | New Home Sales | 685k | — | 676k | — |
| 4/23/2025 | New Home Sales MoM | 1.30% | — | 1.80% | — |
| 4/23/2025 | Fed Releases Beige Book | ||||
| 4/23/2025 | Building Permits | — | — | 1482k | — |
| 4/23/2025 | Building Permits MoM | — | — | 1.60% | — |
| 4/24/2025 | Chicago Fed Nat Activity Index | 0.18 | — | 0.18 | — |
| 4/24/2025 | Durable Goods Orders | 2.00% | — | 1.00% | — |
| 4/24/2025 | Durables Ex Transportation | 0.30% | — | 0.70% | — |
| 4/24/2025 | Cap Goods Orders Nondef Ex Air | 0.10% | — | -0.20% | — |
| 4/24/2025 | Initial Jobless Claims | 220k | — | 215k | — |
| 4/24/2025 | Cap Goods Ship Nondef Ex Air | 0.10% | — | 0.80% | — |
| 4/24/2025 | Initial Claims 4-Wk Moving Avg | — | — | 221k | — |
| 4/24/2025 | Continuing Claims | 1860k | — | 1885k | — |
| 4/24/2025 | Existing Home Sales | 4.13m | — | 4.26m | — |
| 4/24/2025 | Existing Home Sales MoM | -3.10% | — | 4.20% | — |
| 4/24/2025 | Kansas City Fed Manf. Activity | — | — | -2 | — |
| 4/25/2025 | Bloomberg April United States Economic Survey | ||||
| 4/25/2025 | U. of Mich. Sentiment | 50.8 | — | 50.8 | — |
| 4/25/2025 | U. of Mich. Current Conditions | — | — | 56.5 | — |
| 4/25/2025 | U. of Mich. Expectations | — | — | 47.2 | — |
| 4/25/2025 | U. of Mich. 1 Yr Inflation | — | — | 6.70% | — |
| 4/25/2025 | U. of Mich. 5-10 Yr Inflation | 4.40% | — | 4.40% | — |
| 4/25/2025 | Kansas City Fed Services Activity | — | — | 0 | — |
| 4/28/2025 | Dallas Fed Manf. Activity | — | — | -16.3 | — |
| 4/29/2025 | Wholesale Inventories MoM | — | — | 0.30% | — |
| 4/29/2025 | Advance Goods Trade Balance | -$143.0b | — | -$147.9b | -$147.8b |
| 4/29/2025 | Retail Inventories MoM | — | — | 0.10% | — |
| 4/29/2025 | FHFA House Price Index MoM | — | — | 0.20% | — |
| 4/29/2025 | S&P CoreLogic CS 20-City MoM SA | — | — | 0.46% | — |
| 4/29/2025 | S&P CoreLogic CS 20-City YoY NSA | — | — | 4.67% | — |
| 4/29/2025 | S&P CoreLogic CS US HPI YoY NSA | — | — | 4.08% | — |
| 4/29/2025 | JOLTS Job Openings | — | — | 7568k | — |
| 4/29/2025 | JOLTS Job Openings Rate | — | — | 4.50% | — |
| 4/29/2025 | Conf. Board Consumer Confidence | 87 | — | 92.9 | — |
| 4/29/2025 | JOLTS Quits Level | — | — | 3195k | — |
| 4/29/2025 | Conf. Board Present Situation | — | — | 134.5 | — |
| 4/29/2025 | JOLTS Quits Rate | — | — | 2.00% | — |
| 4/29/2025 | Conf. Board Expectations | — | — | 65.2 | — |
| 4/29/2025 | JOLTS Layoffs Level | — | — | 1790k | — |
| 4/29/2025 | JOLTS Layoffs Rate | — | — | 1.10% | — |
| 4/29/2025 | Dallas Fed Services Activity | — | — | -11.3 | — |
