May 24, 2021 Headlines

Treasury yields are unchanged to slightly lower this morning following a relatively quiet overnight session, and U.S. equity futures are up 30-75 bps ahead of the open. This week’s economic calendar is headlined by the April PCE inflation report on Friday. The April CPI report showed the biggest monthly jump in core prices since 1982, but following the initial reaction, the market’s inflation worries have largely faded. The G7 is moving closer to adopting an agreement aimed at making it more difficult for multinational corporations to shift profits to lower tax jurisdictions. This is part of a US-led effort to enact a global minimum corporate tax rate, and if successful, the G7 agreement would fuel formal negotiations with the broader OECD group in Paris next month.   

Jason Haley
Chief Investment Officer

5/24/2021Chicago Fed Nat Activity Index1.20.241.71
5/25/2021FHFA House Price Index MoM1.20%0.90%
5/25/2021House Price Purchase Index QoQ3.80%
5/25/2021S&P CoreLogic CS 20-City MoM SA1.30%1.17%
5/25/2021S&P CoreLogic CS 20-City YoY NSA12.50%11.94%
5/25/2021S&P CoreLogic CS US HPI YoY NSA11.97%
5/25/2021New Home Sales950k1021k
5/25/2021New Home Sales MoM-7.00%20.70%
5/25/2021Revisions: New Home Sales
5/25/2021Conf. Board Consumer Confidence119121.7
5/25/2021Conf. Board Present Situation139.6
5/25/2021Conf. Board Expectations109.8
5/25/2021Richmond Fed Manufact. Index1917
5/26/2021MBA Mortgage Applications1.20%
5/27/2021Durable Goods Orders0.80%0.80%
5/27/2021Durables Ex Transportation0.70%1.90%
5/27/2021Cap Goods Orders Nondef Ex Air1.00%1.20%
5/27/2021Cap Goods Ship Nondef Ex Air0.80%1.60%
5/27/2021GDP Annualized QoQ6.50%6.40%
5/27/2021Initial Jobless Claims425k444k
5/27/2021Personal Consumption10.90%10.70%
5/27/2021Continuing Claims3680k3751k
5/27/2021GDP Price Index4.10%4.10%
5/27/2021Core PCE QoQ2.30%2.30%
5/27/2021Langer Consumer Comfort55.3
5/27/2021Pending Home Sales MoM0.50%1.90%
5/27/2021Pending Home Sales NSA YoY25.30%
5/27/2021Kansas City Fed Manf. Activity3031
5/28/2021Advance Goods Trade Balance-$92.0b-$90.6b
5/28/2021Wholesale Inventories MoM0.70%1.30%
5/28/2021Retail Inventories MoM-2.00%-1.40%
5/28/2021Personal Income-14.50%21.10%
5/28/2021Personal Spending0.50%4.20%
5/28/2021Real Personal Spending0.20%3.60%
5/28/2021PCE Deflator MoM0.60%0.50%
5/28/2021PCE Deflator YoY3.50%2.30%
5/28/2021PCE Core Deflator MoM0.60%0.40%
5/28/2021PCE Core Deflator YoY2.90%1.80%
5/28/2021MNI Chicago PMI6872.1
5/28/2021U. of Mich. Sentiment8382.8
5/28/2021U. of Mich. Current Conditions90.8
5/28/2021U. of Mich. Expectations77.6
5/28/2021U. of Mich. 1 Yr Inflation4.60%
5/28/2021U. of Mich. 5-10 Yr Inflation3.10%

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