May 20, 2021 Headlines

A modest risk-off tone is pushing Treasury yields slightly lower and flatter this morning. Volatility in crypto currencies fueled the softer sentiment overnight, but risk markets are opening better this morning, with U.S. equity futures unchanged to slightly higher ahead of the open. The Fed released the minutes of the April 28 FOMC meeting, and participants suggested that “it may be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases” if the economy continued to make rapid progress toward its goals. The minutes also revealed a discussion regarding money market rates/benchmarks, such as repo and SOFR, holding near zero, and no plans to resolve that dynamic, such as a technical adjustment to the IOER rate, were indicated by the participants.

Jason Haley
Chief Investment Officer

5/20/2021Philadelphia Fed Business OutlookMay41.531.550.2
5/20/2021Initial Jobless Claims15-May450k444k473k478k
5/20/2021Continuing Claims8-May3620k3751k3655k3640k
5/20/2021Langer Consumer Comfort16-May54.6
5/20/2021Leading IndexApr1.30%1.30%
5/21/2021Markit US Manufacturing PMIMay P60.160.5
5/21/2021Markit US Services PMIMay P64.464.7
5/21/2021Markit US Composite PMIMay P63.5
5/21/2021Existing Home SalesApr6.08m6.01m
5/21/2021Existing Home Sales MoMApr1.10%-3.70%

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