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

Date	Event	Surv(M)	Actual	Prior	Revised
09/26/22	Chicago Fed Nat Activity Index	0.23	0	0.27	0.29
09/26/22	Dallas Fed Manf. Activity	-10	—	-12.9	—
09/27/22	Durable Goods Orders	-0.30%	—	-0.10%	—
09/27/22	Durables Ex Transportation	0.20%	—	0.20%	—
09/27/22	Cap Goods Orders Nondef Ex Air	0.20%	—	0.30%	—
09/27/22	Cap Goods Ship Nondef Ex Air	0.30%	—	0.50%	—
09/27/22	FHFA House Price Index MoM	0.00%	—	0.10%	—
09/27/22	S&P CoreLogic CS 20-City MoM SA	0.20%	—	0.44%	—
09/27/22	S&P CoreLogic CS 20-City YoY NSA	17.10%	—	18.65%	—
09/27/22	S&P CoreLogic CS US HPI YoY NSA	—	—	17.96%	—
09/27/22	Conf. Board Consumer Confidence	104.5	—	103.2	—
09/27/22	Conf. Board Present Situation	—	—	145.4	—
09/27/22	Conf. Board Expectations	—	—	75.1	—
09/27/22	Richmond Fed Manufact. Index	-10	—	-8	—
09/27/22	New Home Sales	500k	—	511k	—
09/27/22	New Home Sales MoM	-2.20%	—	-12.60%	—
09/28/22	MBA Mortgage Applications	—	—	3.80%	—
09/28/22	Advance Goods Trade Balance	-$88.9b	—	-$89.1b	-$90.2b
09/28/22	Wholesale Inventories MoM	0.50%	—	0.60%	—
09/28/22	Retail Inventories MoM	1.00%	—	1.10%	—
09/28/22	Pending Home Sales MoM	-1.50%	—	-1.00%	—
09/28/22	Pending Home Sales NSA YoY	-24.50%	—	-22.50%	—
09/29/22	Revisions: GDP/ National Economic Accounts
09/29/22	Initial Jobless Claims	215k	—	213k	—
09/29/22	Continuing Claims	1383k	—	1379k	—
09/29/22	GDP Annualized QoQ	-0.60%	—	-0.60%	—
09/29/22	Personal Consumption	1.50%	—	1.50%	—
09/29/22	GDP Price Index	8.90%	—	8.90%	—
09/29/22	Core PCE QoQ	4.40%	—	4.40%	—
09/30/22	Personal Income	0.30%	—	0.20%	—
09/30/22	Personal Spending	0.20%	—	0.10%	—
09/30/22	Real Personal Spending	0.10%	—	0.20%	—
09/30/22	PCE Deflator MoM	0.10%	—	-0.10%	—
09/30/22	PCE Deflator YoY	6.00%	—	6.30%	—
09/30/22	PCE Core Deflator MoM	0.50%	—	0.10%	—
09/30/22	PCE Core Deflator YoY	4.70%	—	4.60%	—
09/30/22	MNI Chicago PMI	51.8	—	52.2	—
09/30/22	U. of Mich. Sentiment	59.5	—	59.5	—
09/30/22	U. of Mich. Current Conditions	—	—	58.9	—
09/30/22	U. of Mich. Expectations	—	—	59.9	—
09/30/22	U. of Mich. 1 Yr Inflation	—	—	4.60%	—
09/30/22	U. of Mich. 5-10 Yr Inflation	2.80%	—	2.80%	—

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