Treasuries are mixed with 2s/10s and 5s/30s flattening to 0.42% and 0.26%, respectively. 5s/30s are currently at the flattest level since 2007, and that is primarily driven by overwhelming demand for yesterday’s 30yr auction. S&P futures are up ~3 points as tame inflation data rolled in yesterday, lowering investor concerns about future rate hikes deviating from investor expectations. On top of that, easing trade tensions between the US and China helped make this the best week for equities in two months. Little significant economic data is expected to be released today.

Eric Kruglak
Senior Associate, Investment Management Group

Date Time Event Survey Actual Prior Revised
05/07/2018 Consumer Credit $15.200b $11.622b $10.601b $13.639b
05/08/2018 NFIB Small Business Optimism 104.5 104.8 104.7
05/08/2018 JOLTS Job Openings 6100 6550 6052 6078
05/09/2018 MBA Mortgage Applications -0.40% -2.50%
05/09/2018 PPI Final Demand MoM 0.20% 0.10% 0.30%
05/09/2018 PPI Ex Food and Energy MoM 0.20% 0.20% 0.30%
05/09/2018 PPI Ex Food, Energy, Trade MoM 0.20% 0.10% 0.40%
05/09/2018 PPI Final Demand YoY 2.80% 2.60% 3.00%
05/09/2018 PPI Ex Food and Energy YoY 2.40% 2.30% 2.70%
05/09/2018 PPI Ex Food, Energy, Trade YoY 2.50% 2.90%
05/09/2018 Wholesale Inventories MoM 0.50% 0.30% 0.50%
05/09/2018 Wholesale Trade Sales MoM 0.30% 1.00% 1.10%
05/10/2018 Initial Jobless Claims 219k 211k 211k
05/10/2018 Continuing Claims 1800k 1790k 1756k 1760k
05/10/2018 CPI MoM 0.30% 0.20% -0.10%
05/10/2018 CPI Ex Food and Energy MoM 0.20% 0.10% 0.20%
05/10/2018 CPI YoY 2.50% 2.50% 2.40%
05/10/2018 CPI Ex Food and Energy YoY 2.20% 2.10% 2.10%
05/10/2018 CPI Index NSA 250.7 250.546 249.554
05/10/2018 CPI Core Index SA 256.45 256.2
05/10/2018 Real Avg Weekly Earnings YoY 0.40% 0.90%
05/10/2018 Real Avg Hourly Earning YoY 0.20% 0.40% 0.30%
05/10/2018 Bloomberg May United States Economic Survey (Table)
05/10/2018 Bloomberg Consumer Comfort 55.8 56.5
05/10/2018 Monthly Budget Statement $212.0b $214.3b -$208.7b
05/11/2018 Import Price Index MoM 0.50% 0.30% 0.00% -0.20%
05/11/2018 Import Price Index ex Petroleum MoM 0.20% 0.10% 0.10% 0.00%
05/11/2018 Import Price Index YoY 3.90% 3.30% 3.60% 3.30%
05/11/2018 Export Price Index MoM 0.40% 0.60% 0.30%
05/11/2018 Export Price Index YoY 3.80% 3.40%
05/11/2018 U. of Mich. Sentiment 98.3 98.8
05/11/2018 U. of Mich. Current Conditions 114.9
05/11/2018 U. of Mich. Expectations 88.4
05/11/2018 U. of Mich. 1 Yr Inflation 2.70%
05/11/2018 U. of Mich. 5-10 Yr Inflation 2.50%
05/14/2018 Mortgage Delinquencies 5.17%
05/14/2018 MBA Mortgage Foreclosures 1.19%
05/15/2018 Empire Manufacturing 15 15.8
05/15/2018 Retail Sales Advance MoM 0.40% 0.60%
05/15/2018 Retail Sales Ex Auto MoM 0.50% 0.20%
05/15/2018 Retail Sales Ex Auto and Gas 0.40% 0.30%
05/15/2018 Retail Sales Control Group 0.40% 0.40%
05/15/2018 Business Inventories 0.20% 0.60%
05/15/2018 NAHB Housing Market Index 70 69
05/15/2018 Total Net TIC Flows $44.7b
05/15/2018 Net Long-term TIC Flows $49.0b
05/16/2018 MBA Mortgage Applications -0.40%
05/16/2018 Revisions: Housing Starts
05/16/2018 Housing Starts 1325k 1319k
05/16/2018 Housing Starts MoM 0.30% 1.90%
05/16/2018 Building Permits 1350k 1354k 1379k
05/16/2018 Building Permits MoM -2.10% 2.50% 4.40%
05/16/2018 Industrial Production MoM 0.50% 0.50%
05/16/2018 Manufacturing (SIC) Production 0.60% 0.10%
05/16/2018 Capacity Utilization 78.40% 78.00%
05/17/2018 Initial Jobless Claims 218k 211k
05/17/2018 Continuing Claims 1790k
05/17/2018 Philadelphia Fed Business Outlook 21 23.2
05/17/2018 Bloomberg Economic Expectations 52.5
05/17/2018 Bloomberg Consumer Comfort 55.8
05/17/2018 Leading Index 0.40% 0.30%