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Bob Carey
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  US Economy and Credit Markets Ended May 20, 2022
Posted Under: Weekly Market Commentary
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Federal Reserve Chairman Jerome Powell said last week that "Restoring price stability is an unconditional need. It is something we have to do," and he needs to "see inflation coming down in a convincing way" before the Fed stops raising interest rates. Kansas City Fed President Esther George echoed those sentiments, saying the recent selling in equity markets will not dissuade the Fed from using half-point interest-rate hikes to bring down inflation. Economic data released last week showed mortgage applications fell 10.6% in April compared to the prior year and 14% from March as the recent climb in mortgage rates weighed on demand. In the most recent sign of a tight labor market, continuing claims, or the number of people receiving unemployment benefits, were 1.3 million as of May 7, which was the lowest level since 1969. Manufacturing production doubled expectations in April, growing 0.8% from March. It was the third consecutive month of gains and boosted factory output to 5.8% above last year's level despite labor shortages and supply chain issues making it difficult for producers to keep up with robust demand. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: April New Home Sales (750k, 763k), May Preliminary S&P Global US Manufacturing PMI (57.8, 59.2); Wednesday: April Preliminary Durable Goods Orders (0.6%, 1.1%), May 20 MBA Mortgage Applications (N/A, -11.0%); Thursday: May 21 Initial Jobless Claims (213k, 218k), 1Q Second Estimate GDP Annualized QoQ (-1.3%, -1.4%); Friday: May Final University of Michigan Sentiment Index (59.1, 59.1), April Personal Income (0.5%, 0.5%), April Personal Spending (0.7%, 1.1%), April Preliminary Wholesale Inventories MoM (1.8%, 2.3%).
Posted on Monday, May 23, 2022 @ 8:17 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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