Treasuries are unchanged this morning following an overnight risk-on trade which pushed rates slightly higher. Buoyed by news that China agreed to cut tariffs on cars to 15%, investors rotated out of Treasuries and into equities and oil. EU bonds saw some spread tightening in response to the nomination of a relatively unknown law professor to be Italy’s new Prime Minister. The economic calendar is light today, with the Richmond Fed’s manufacturing index the only data release on the docket.
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% | — |