| Today's Economy
Economic Roundup: U.S. Housing Starts Disappoint With More Bad News Coming Higher mortgage rates are cutting into U.S. residential investment and Q2 GDP looks even worse. Capital Market View: Use of Proceeds Shifts in Q2 High-grade debt is used to refinance, while high-yield debt is used for M&A. U.S. Supply-Chain Stress Update: Mild Relief A moderating economic recovery in the coming months will result in lower index readings. ECB Preview: Final HICP Does Not Alter Expected Script The final HICP data provided some useful details but will not change the ECB's approach. » VIEW MORE TODAY'S ECONOMY
Commentary
U.S. Chartbook: The Fed’s Dilemma June’s CPI raised odds of another large rate hike, which will make it increasingly difficult for the central bank to orchestrate a soft landing. Global Debt: North America's Fiscal Policy Limits At 22% of total outstanding debt in the U.S., nonfinancial business leverage edges out the household and financial sectors and is second only to the public sector. U.S. Used-Vehicle Prices Turn a Corner Softening prices have coincided with a slow but gradual increase in new-vehicle supply. Global Debt: A Threat to Government Fiscal Stability Dealing with post-pandemic debt will add friction to the pace of growth in coming years. » VIEW MORE COMMENTARY
Today's Economic Indicators
Austria
Consumer Price Index
Jun. 2022: 8.7% y/y
Bloated by the transportation segment, consumer prices increased 8.7% y/y in April, exceeding May’s 7.7% y/y rate. United Kingdom
Unemployment
May. 2022: 3.8%
The U.K. unemployment rate fell by 0.1% in the three months leading up to May compared to the three months leading up to April at 3.8%. Hong Kong SAR (China)
Employment Situation
Jun. 2022: 4.7%
The seasonally adjusted unemployment rate in Hong Kong fell to 4.7% for the April-to-June period, compared with 5.1% for the March-to-May period. Euro Zone
Consumer Price Index
Jun. 2022: 8.6% y/y
Final estimates confirmed the euro zone’s year-on-year inflation rate at 8.6% this June, up from 8.2% in May. United States
New Residential Construction (C20)
Jun. 2022: 1.559 mil, SAAR
The Federal Reserve is getting what it wants as financial market conditions tighten and interest-rate-sensitive parts of the economy respond to the removal of monetary policy accommodation. United States
Median usual weekly earnings
2022Q2: 5.2% y/y
Median usual weekly earnings rose sharply in the second quarter of 2022, though not enough to keep pace with inflation. » VIEW MORE ECONOMIC INDICATORS | 
