September 19, 2022 Headlines

We begin the day with a sell-off In Treasuries once more, with yields 5-7 basis points higher. Markets are preparing for outsized rate hikes from several central banks this week. A Bloomberg article highlights that more than 500 basis points of rate hikes are expected globally in just a 3-day period. That includes the FOMC on Wednesday, and while there has been some chatter of a potential 100 basis point hike by the Fed, fed fund futures remain priced for a 75 basis point hike. Beyond this week’s central bank announcements, the economic calendar is relatively light. Data for August housing starts and existing home sales will be released tomorrow and Wednesday, respectively, and preliminary September PMI data from S&P will be released on Friday.

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
09/19/22 NAHB Housing Market Index 47 — 49 —
09/20/22 Housing Starts 1450k — 1446k —
09/20/22 Building Permits 1609k — 1674k 1685k
09/20/22 Housing Starts MoM 0.30% — -9.60% —
09/20/22 Building Permits MoM -4.50% — -1.30% -0.60%
09/21/22 MBA Mortgage Applications — — -1.20% —
09/21/22 Existing Home Sales 4.70m — 4.81m —
09/21/22 Existing Home Sales MoM -2.30% — -5.90% —
09/21/22 FOMC Rate Decision (Lower Bound) 3.00% — 2.25% —
09/21/22 FOMC Rate Decision (Upper Bound) 3.25% — 2.50% —
09/21/22 Interest on Reserve Balances Rate 3.15% — 2.40% —
09/22/22 Current Account Balance -$261.5b — -$291.4b —
09/22/22 Initial Jobless Claims 216k — 213k —
09/22/22 Continuing Claims 1408k — 1403k —
09/22/22 Leading Index -0.10% — -0.40% —
09/22/22 Kansas City Fed Manf. Activity 5 — 3 —
09/23/22 S&P Global US Manufacturing PMI 51.1 — 51.5 —
09/23/22 S&P Global US Services PMI 45.5 — 43.7 —
09/23/22 S&P Global US Composite PMI 46 — 44.6 —

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