Monday Morning Meeting Notes (04/03/2023)

General Info:

• U.S. personal consumption expenditure (PCE) data slowed in February, but was largely in-line with economist expectations
• PCE increased 0.3% month-over-month, while the year-over-year pace slowed from 5.4% to 5.0%
• Core PCE, the Fed’s preferred inflation gauge as it excludes volatile food and energy costs, rose 0.3% month-over-month, while the year-over-year pace slowed from 4.7% to 4.6%
• Fun Fact: In 1953, it took 27 hours to create one Peeps® Marshmallow Chick as they were made by hand and the marshmallow had to cool. Thanks to advances in technology, it takes six minutes today
• Just Born Candy Company, which is based in Bethlehem, PA, noted two additional fun facts about their popular treat
• They produce enough Peeps® each year that if they were all lined up, the line would circle the earth twice
• Every spring, more than 1.5 billion marshmallow Peeps® are eaten

Monday 04/03:

• S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K., Germany, and France
• ISM Manufacturing PMI data for the U.S.
• China Caixin Manufacturing PMI

Tuesday 04/04:

• U.S. Job Openings and Labor Turnover Survey (JOLTS) data for February
• Eurozone producer price index (PPI)

Wednesday 04/05:

• Conagra Brands reports earnings
• S&P Global Services PMI data for the U.S., Eurozone, U.K., Germany, and France
• ISM Services PMI data for the U.S.

Thursday 04/06:

• National Burrito Day
• U.S. initial jobless claims and continuing claims
• China Caixin Services PMI

Friday 04/07:

• U.S. stock market will be closed, and the bond market will close at noon for the Good Friday holiday
• XPYRIA’s office will be closed, as well
• U.S. employment report for March is expected to show 240,000 new jobs added
• The unemployment rate is expected to remain steady at 3.6%