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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