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.
Chief Investment Officer
|5/20/2021||Philadelphia Fed Business Outlook||May||41.5||31.5||50.2||—|
|5/20/2021||Initial Jobless Claims||15-May||450k||444k||473k||478k|
|5/20/2021||Langer Consumer Comfort||16-May||—||—||54.6||—|
|5/21/2021||Markit US Manufacturing PMI||May P||60.1||—||60.5||—|
|5/21/2021||Markit US Services PMI||May P||64.4||—||64.7||—|
|5/21/2021||Markit US Composite PMI||May P||—||—||63.5||—|
|5/21/2021||Existing Home Sales||Apr||6.08m||—||6.01m||—|
|5/21/2021||Existing Home Sales MoM||Apr||1.10%||—||-3.70%||—|
Subscribe to our email list and get the latest articles and announcements from ALM First.