| Today's Economy
Economic Roundup: U.S. Initial Claims Jump; ECB Hawks Fly It is too early to worry about initial claims as they are volatile around holidays. Capital Market View: Spreads Tighten, Issuance Picks Up High-yield issuance was ice cold, but there was an improvement last week. LatAm Daily Briefing: South America’s 2022 Outlook Reflects Mixed Fortunes Regional prospects are generally bright despite slower growth. Europe Daily Briefing: ECB Policy Rates Unchanged, For Now The central bank laid out its plans for a 25-bps hike in July. » VIEW MORE TODAY'S ECONOMY
Commentary
Russia-Ukraine Tracker: Oil Embargo Echoes Through Markets Surging oil prices are forcing central banks to tighten monetary policy. What if Gasoline in the U.S. Goes to $6? $7? To assess the economic costs, we ran two scenarios through our macroeconomic model. Canada Outlook: Invasion, Infections and Idling Boosting the economy’s supply side is key to avoiding a recession. U.S. Chartbook: The Sweet Spot The labor market is slowing, but not enough to warrant chatter about an imminent recession. » VIEW MORE COMMENTARY
Today's Economic Indicators
Sweden
Industrial Production
Apr. 2022: -1.5% m/m
Sweden’s industrial production pulled back by 1.5% month over month in April, nearly erasing March’s 1.6% rise. Netherlands
Consumer Price Index
May. 2022: 8.8% y/y
Dutch inflation eased from 9.6% year over year in April to 8.8% year over year in May. Ireland
Consumer Price Index
May. 2022: 7.8% y/y
The Russian invasion of Ukraine continues feeding into inflation across Europe and in Ireland. Euro Zone
Monetary Policy
Jun. 2022: 0%
The statement of the European Central Bank matched our expectations. Brazil
Consumer Price Index
May. 2022: 11.73% y/y
Brazil’s inflation seems to have peaked in May, showing incipient signs of a decline. Mexico
Consumer Price Index
May. 2022: 7.65% y/y
Annual inflation remained high in May, though it showed incipient signs of moderation. United States
Jobless Claims
June 04: 229,000
U.S. initial claims for unemployment insurance continue to show some stress on the labor market. United States
St. Louis Fed Financial Stress Index
June 03: -1.65
U.S. financial market stress eased for the third consecutive week, with the St. United States
Natural Gas Storage Report
June 03: 97 bil cubic feet
Last week’s build in gas stocks closely follows consensus expectations, so this report will do little to sway gas prices. United States
Financial Accounts - Households
2022Q1: $149.28 tril
Household wealth declined for the first time since the onset of the pandemic in the first quarter. United States
Financial Accounts - Nonfinancial Corporate
2022Q1: $30.12 tril
Nonfinancial corporate business wealth increased by $250 billion to $30.1 trillion during the first quarter. Argentina
Industrial Production - Advance
Apr. 2022: 4.7% y/y
Industrial output grew 4.7% year on year in April (NSA) after growing 3.7% in the previous month. China
Consumer Price Index
May. 2022:
China
Producer Price Index
May. 2022:
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