September 26, 2022 Headlines

Concerns escalated over the weekend that the Bank of England would take emergency action to counteract a newly proposed fiscal plan. UK Chancellor of the Exchequer, Kwasi Kwarteng, pledged further tax cuts in a package announced Friday that scrapped the top level of income tax and cut the basic rate by one percent. In response, the pound has declined 5% to an all-time low of $1.035 versus the US dollar and risk assets extended the recent sell-off with the S&P 500 down 0.23%. US Treasury yields were pressured higher as the curve bear flattened with 10s up 7bps to 3.75%. The week ahead will focus on Federal Reserve speeches with a total of 22 expected over the next five days.

Chris Eckhoff

Director, Investment Management Group

09/26/22Chicago Fed Nat Activity Index0.2300.270.29
09/26/22Dallas Fed Manf. Activity-10-12.9
09/27/22Durable Goods Orders-0.30%-0.10%
09/27/22Durables Ex Transportation0.20%0.20%
09/27/22Cap Goods Orders Nondef Ex Air0.20%0.30%
09/27/22Cap Goods Ship Nondef Ex Air0.30%0.50%
09/27/22FHFA House Price Index MoM0.00%0.10%
09/27/22S&P CoreLogic CS 20-City MoM SA0.20%0.44%
09/27/22S&P CoreLogic CS 20-City YoY NSA17.10%18.65%
09/27/22S&P CoreLogic CS US HPI YoY NSA17.96%
09/27/22Conf. Board Consumer Confidence104.5103.2
09/27/22Conf. Board Present Situation145.4
09/27/22Conf. Board Expectations75.1
09/27/22Richmond Fed Manufact. Index-10-8
09/27/22New Home Sales500k511k
09/27/22New Home Sales MoM-2.20%-12.60%
09/28/22MBA Mortgage Applications3.80%
09/28/22Advance Goods Trade Balance-$88.9b-$89.1b-$90.2b
09/28/22Wholesale Inventories MoM0.50%0.60%
09/28/22Retail Inventories MoM1.00%1.10%
09/28/22Pending Home Sales MoM-1.50%-1.00%
09/28/22Pending Home Sales NSA YoY-24.50%-22.50%
09/29/22Revisions: GDP/ National Economic Accounts
09/29/22Initial Jobless Claims215k213k
09/29/22Continuing Claims1383k1379k
09/29/22GDP Annualized QoQ-0.60%-0.60%
09/29/22Personal Consumption1.50%1.50%
09/29/22GDP Price Index8.90%8.90%
09/29/22Core PCE QoQ4.40%4.40%
09/30/22Personal Income0.30%0.20%
09/30/22Personal Spending0.20%0.10%
09/30/22Real Personal Spending0.10%0.20%
09/30/22PCE Deflator MoM0.10%-0.10%
09/30/22PCE Deflator YoY6.00%6.30%
09/30/22PCE Core Deflator MoM0.50%0.10%
09/30/22PCE Core Deflator YoY4.70%4.60%
09/30/22MNI Chicago PMI51.852.2
09/30/22U. of Mich. Sentiment59.559.5
09/30/22U. of Mich. Current Conditions58.9
09/30/22U. of Mich. Expectations59.9
09/30/22U. of Mich. 1 Yr Inflation4.60%
09/30/22U. of Mich. 5-10 Yr Inflation2.80%2.80%


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