May 18, 2021 Headlines

Treasuries traded in tight range overnight and are slightly lower on the long-end of the curve this morning. Futures on the major US equity indices are all up as continued reopening give investors hope. Like yesterday, today’s economic calendar is light with housing starts and building permits as the only 2 releases. Both measures came in lower than expected as strained supply chains and higher materials cost stunted new home construction. 

Hafizan Hamzah
Director, Investment Management Group

05/17/21Empire Manufacturing23.924.326.3
05/17/21NAHB Housing Market Index838383
05/17/21Total Net TIC Flows$146.4b$72.6b$73.7b
05/17/21Net Long-term TIC Flows$262.2b$4.2b$4.3b
05/18/21Revisions: Housing Starts/ Building Permits
05/18/21Housing Starts1704k1569k1739k1733k
05/18/21Housing Starts MoM-2.00%-9.50%19.40%19.80%
05/18/21Building Permits1770k1760k1766k1755k
05/18/21Building Permits MoM0.60%0.30%2.70%1.70%
05/19/21MBA Mortgage Applications2.10%
05/19/21FOMC Meeting Minutes
05/20/21Philadelphia Fed Business Outlook4150.2
05/20/21Initial Jobless Claims450k473k
05/20/21Continuing Claims3630k3655k
05/20/21Langer Consumer Comfort54.6
05/20/21Leading Index1.30%1.30%
05/21/21Markit US Manufacturing PMI60.160.5
05/21/21Markit US Services PMI64.464.7
05/21/21Markit US Composite PMI63.5
05/21/21Existing Home Sales6.08m6.01m
05/21/21Existing Home Sales MoM1.10%-3.70%

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