September 28, 2022 Headlines

The Bank of England surprised markets and announced it would purchase long-dated government debt in any quantities necessary to restore order to the market. The policy shift comes three business days before the central bank was expected begin quantitative tightening and sell bonds. US Treasuries briefly eclipsed a 4% yield overnight on 10s but rallied in sympathy with European debt post announcement. Ahead of the open, S&P500 futures have rebounded 0.40% and 10-year Treasuries extended the rally 9 bps to 3.85% ahead of today’s 7-year auction. Federal Reserve leaders Raphael Bostic and Charles Evans continue this weeks loaded speaker schedule before focus shifts to Thursday’s jobless claims report.

Chris Eckhoff
Director, Investment Management Group

Date Event Survey Actual Prior Revised
9/28/2022 MBA Mortgage Applications -3.70% 3.80%
9/28/2022 Advance Goods Trade Balance -$89.0b -$87.3b -$89.1b -$90.2b
9/28/2022 Wholesale Inventories MoM 0.40% 1.30% 0.60%
9/28/2022 Retail Inventories MoM 1.00% 1.40% 1.10%
9/28/2022 Pending Home Sales MoM -1.50% -1.00%
9/28/2022 Pending Home Sales NSA YoY -24.50% -22.50%
9/29/2022 Revisions: GDP/ National Economic Accounts
9/29/2022 Initial Jobless Claims 215k 213k
9/29/2022 Continuing Claims 1388k 1379k
9/29/2022 GDP Annualized QoQ -0.60% -0.60%
9/29/2022 Personal Consumption 1.50% 1.50%
9/29/2022 GDP Price Index 8.90% 8.90%
9/29/2022 Core PCE QoQ 4.40% 4.40%
9/30/2022 Personal Income 0.30% 0.20%
9/30/2022 Personal Spending 0.20% 0.10%
9/30/2022 Real Personal Spending 0.10% 0.20%
9/30/2022 PCE Deflator MoM 0.10% -0.10%
9/30/2022 PCE Deflator YoY 6.00% 6.30%
9/30/2022 PCE Core Deflator MoM 0.50% 0.10%
9/30/2022 PCE Core Deflator YoY 4.70% 4.60%
9/30/2022 MNI Chicago PMI 51.8 52.2
9/30/2022 U. of Mich. Sentiment 59.5 59.5
9/30/2022 U. of Mich. Current Conditions 58.9
9/30/2022 U. of Mich. Expectations 59.9
9/30/2022 U. of Mich. 1 Yr Inflation 4.60%
9/30/2022 U. of Mich. 5-10 Yr Inflation 2.80% 2.80%
10/3/2022 S&P Global US Manufacturing PMI 51.8
10/3/2022 Construction Spending MoM -0.20% -0.40%
10/3/2022 ISM Manufacturing 52.5 52.8
10/3/2022 ISM Prices Paid 52.5
10/3/2022 ISM New Orders 51.3
10/3/2022 ISM Employment 54.2
10/3/2022 Wards Total Vehicle Sales 13.45m 13.18m
10/4/2022 Factory Orders 0.40% -1.00%
10/4/2022 Factory Orders Ex Trans -1.10%
10/4/2022 Durable Goods Orders -0.20%
10/4/2022 Durables Ex Transportation 0.20%
10/4/2022 Cap Goods Orders Nondef Ex Air 1.30%
10/4/2022 Cap Goods Ship Nondef Ex Air 0.30%
10/4/2022 JOLTS Job Openings 11239k
10/5/2022 MBA Mortgage Applications -3.70%
10/5/2022 ADP Employment Change 200k 132k
10/5/2022 Trade Balance -$68.9b -$70.7b
10/5/2022 S&P Global US Services PMI 49.2
10/5/2022 S&P Global US Composite PMI 49.3
10/5/2022 ISM Services Index 56.5 56.9

 

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