Treasuries rallied overnight and the curve is lower and flatter by 3 to 5 basis points following a sharp risk-off trade sparked by a variety of new headlines. First, trade tensions between China and the US have seemed to picked back up with President Trump stating that he was unhappy with the deals that had been made. Second, currency concerns in Turkey took off as investors lost faith in the country’s central bank to stem the losses that had already been suffered; and third, renewed concerns around Italy’s new populist government took hold. On the docket for today, is the Fed’s release of their minutes from the May 2nd FOMC meeting.
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 | 16 | -3 | — |
| 05/23 | MBA Mortgage Applications | — | -2.60% | -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 | 680k | — | 694k | — |
| 05/23 | New Home Sales MoM | -2.10% | — | 4.00% | — |
| 05/23 | Revisions: New Homes | ||||
| 05/23 | FOMC Meeting Minutes | — | — | — | — |
| 05/24 | Initial Jobless Claims | 220k | — | 222k | — |
| 05/24 | Continuing Claims | 1746k | — | 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 | 98.6 | — | 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% | — |