Treasuries sold off overnight while risk assets rallied on the news that the US and China appeared to have made some progress on their trade talks. Treasury Secretary Mnuchin stated that the world’s two largest economies were putting the trade war on hold. While China promised to substantially reduce the deficit, but little progress was made in terms of protecting intellectual property rights and other specific US demands; so the market will still look for more guidance on those issues.
Hafizan Hamzah
Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 05/21 | Chicago Fed Nat Activity Index | 0.3 | 0.34 | 0.1 | 0.32 |
| 05/22 | Richmond Fed Manufact. Index | 10 | — | -3 | — |
| 05/23 | MBA Mortgage Applications | — | — | -2.70% | — |
| 05/23 | Markit US Manufacturing PMI | 56.5 | — | 56.5 | — |
| 05/23 | Markit US Services PMI | 55 | — | 54.6 | — |
| 05/23 | Markit US Composite PMI | — | — | 54.9 | — |
| 05/23 | New Home Sales | 679k | — | 694k | — |
| 05/23 | New Home Sales MoM | -2.20% | — | 4.00% | — |
| 05/23 | Revisions: New Homes | ||||
| 05/23 | FOMC Meeting Minutes | — | — | — | — |
| 05/24 | Initial Jobless Claims | 220k | — | 222k | — |
| 05/24 | Continuing Claims | 1748k | — | 1707k | — |
| 05/24 | House Price Purchase Index QoQ | 0.70% | — | 1.60% | — |
| 05/24 | FHFA House Price Index MoM | 0.60% | — | 0.60% | — |
| 05/24 | Bloomberg Consumer Comfort | — | — | 54.6 | — |
| 05/24 | Existing Home Sales | 5.55m | — | 5.60m | — |
| 05/24 | Existing Home Sales MoM | -0.90% | — | 1.10% | — |
| 05/24 | Kansas City Fed Manf. Activity | 20 | — | 26 | — |
| 05/25 | Durable Goods Orders | -1.30% | — | 2.60% | — |
| 05/25 | Durables Ex Transportation | 0.50% | — | 0.10% | — |
| 05/25 | Cap Goods Orders Nondef Ex Air | 0.70% | — | -0.40% | — |
| 05/25 | Cap Goods Ship Nondef Ex Air | 0.40% | — | -0.80% | — |
| 05/25 | Revisions: Wholesale Trade | ||||
| 05/25 | Revisions: Retail Sales | ||||
| 05/25 | U. of Mich. Sentiment | 98.8 | — | 98.8 | — |
| 05/25 | U. of Mich. Current Conditions | — | — | 113.3 | — |
| 05/25 | U. of Mich. Expectations | — | — | 89.5 | — |
| 05/25 | U. of Mich. 1 Yr Inflation | — | — | 2.80% | — |
| 05/25 | U. of Mich. 5-10 Yr Inflation | — | — | 2.50% | — |