May 19, 2021 Headlines

Treasuries are once again trading in a narrow band with the belly and long-end down 1 bp. Equity futures are in the red this morning as inflation fears shook investor confidence. The S&P 500 is leading the decline with futures down 1.23%. Later today, the Fed will publish the minutes from its April meeting and investors will undoubtedly combing through it in hopes of finding more clarity around the definition of “transitory” and how Fed officials view the recovery.

Hafizan Hamzah
Director, Investment Management Group

DateEventSurv(M)ActualPriorRevised
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 Applications1.20%2.10%
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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