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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