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

9/28/2022MBA Mortgage Applications-3.70%3.80%
9/28/2022Advance Goods Trade Balance-$89.0b-$87.3b-$89.1b-$90.2b
9/28/2022Wholesale Inventories MoM0.40%1.30%0.60%
9/28/2022Retail Inventories MoM1.00%1.40%1.10%
9/28/2022Pending Home Sales MoM-1.50%-1.00%
9/28/2022Pending Home Sales NSA YoY-24.50%-22.50%
9/29/2022Revisions: GDP/ National Economic Accounts
9/29/2022Initial Jobless Claims215k213k
9/29/2022Continuing Claims1388k1379k
9/29/2022GDP Annualized QoQ-0.60%-0.60%
9/29/2022Personal Consumption1.50%1.50%
9/29/2022GDP Price Index8.90%8.90%
9/29/2022Core PCE QoQ4.40%4.40%
9/30/2022Personal Income0.30%0.20%
9/30/2022Personal Spending0.20%0.10%
9/30/2022Real Personal Spending0.10%0.20%
9/30/2022PCE Deflator MoM0.10%-0.10%
9/30/2022PCE Deflator YoY6.00%6.30%
9/30/2022PCE Core Deflator MoM0.50%0.10%
9/30/2022PCE Core Deflator YoY4.70%4.60%
9/30/2022MNI Chicago PMI51.852.2
9/30/2022U. of Mich. Sentiment59.559.5
9/30/2022U. of Mich. Current Conditions58.9
9/30/2022U. of Mich. Expectations59.9
9/30/2022U. of Mich. 1 Yr Inflation4.60%
9/30/2022U. of Mich. 5-10 Yr Inflation2.80%2.80%
10/3/2022S&P Global US Manufacturing PMI51.8
10/3/2022Construction Spending MoM-0.20%-0.40%
10/3/2022ISM Manufacturing52.552.8
10/3/2022ISM Prices Paid52.5
10/3/2022ISM New Orders51.3
10/3/2022ISM Employment54.2
10/3/2022Wards Total Vehicle Sales13.45m13.18m
10/4/2022Factory Orders0.40%-1.00%
10/4/2022Factory Orders Ex Trans-1.10%
10/4/2022Durable Goods Orders-0.20%
10/4/2022Durables Ex Transportation0.20%
10/4/2022Cap Goods Orders Nondef Ex Air1.30%
10/4/2022Cap Goods Ship Nondef Ex Air0.30%
10/4/2022JOLTS Job Openings11239k
10/5/2022MBA Mortgage Applications-3.70%
10/5/2022ADP Employment Change200k132k
10/5/2022Trade Balance-$68.9b-$70.7b
10/5/2022S&P Global US Services PMI49.2
10/5/2022S&P Global US Composite PMI49.3
10/5/2022ISM Services Index56.556.9


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