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

Date Event Survey Actual Prior Revised
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 Continuing Claims 8-May 3620k 3751k 3655k 3640k
5/20/2021 Langer Consumer Comfort 16-May — — 54.6 —
5/20/2021 Leading Index Apr 1.30% — 1.30% —
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% —

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