May 23, 2023 Headlines

The debt ceiling continues to weigh on the market with Treasury yields up again this morning. The 2-year is up nearly 50 bps to 4.38% after selling off for eight consecutive days while T-bills with early June maturities continue to push higher. President Biden and House Speaker McCarthy ended Monday’s negotiations without a deal, but both called the meetings productive. The two sides continue to argue over the depth and length of spending cuts as well as where those cuts would come from.

Hafizan Hamzah
Senior Director, Investment Management Group

Date Event Actual Prior Revised
05/23/23 Philadelphia Fed Non-Manufacturing Activity -22.8
05/23/23 S&P Global US Manufacturing PMI 50.2
05/23/23 S&P Global US Services PMI 53.6
05/23/23 S&P Global US Composite PMI 53.4
05/23/23 New Home Sales 683k
05/23/23 New Home Sales MoM 9.60%
05/23/23 Richmond Fed Manufact. Index -10
05/23/23 Richmond Fed Business Conditions -27
05/24/23 MBA Mortgage Applications -5.70%
05/24/23 FOMC Meeting Minutes
05/25/23 Chicago Fed Nat Activity Index -0.19
05/25/23 Initial Jobless Claims 242k
05/25/23 Continuing Claims 1799k
05/25/23 GDP Annualized QoQ 1.10%
05/25/23 Personal Consumption 3.70%
05/25/23 GDP Price Index 4.00%
05/25/23 Core PCE QoQ 4.90%
05/25/23 Pending Home Sales MoM -5.20%
05/25/23 Pending Home Sales NSA YoY -23.30%
05/25/23 Kansas City Fed Manf. Activity -10
05/26/23 Personal Income 0.30%
05/26/23 Personal Spending 0.00%
05/26/23 Real Personal Spending 0.00%
05/26/23 PCE Deflator MoM 0.10%
05/26/23 PCE Deflator YoY 4.20%
05/26/23 PCE Core Deflator MoM 0.30%
05/26/23 PCE Core Deflator YoY 4.60%
05/26/23 Advance Goods Trade Balance -$84.6b
05/26/23 Wholesale Inventories MoM 0.00%
05/26/23 Retail Inventories MoM 0.70%
05/26/23 Durable Goods Orders 3.20%
05/26/23 Durables Ex Transportation 0.20%
05/26/23 Cap Goods Orders Nondef Ex Air -0.60%
05/26/23 Cap Goods Ship Nondef Ex Air -0.50%
05/26/23 U. of Mich. Sentiment 57.7
05/26/23 U. of Mich. Current Conditions 64.5
05/26/23 U. of Mich. Expectations 53.4
05/26/23 U. of Mich. 1 Yr Inflation 4.50%
05/26/23 U. of Mich. 5-10 Yr Inflation 3.20%
05/26/23 Kansas City Fed Services Activity 7

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