The curve has steepened up a bit following yesterday’s announcement regarding interest on excess reserves (IOER), equity markets are essentially unchanged overnight while oil is down 1.3%. In their May 2nd meeting, the Fed discussed lowering the rate paid on excess reserves from the top end of the range by 5 bps. This adjustment will likely take place at the June meeting.
In terms of data releases, jobless claims came in higher than expected at 234,000 compared to 220,000; and was an increase from the prior week of 222,000. The continuing claims number also saw an increase from the prior week by 34,000 to 1,741,000.
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 | 56.6 | 56.5 | — |
| 05/23 | Markit US Services PMI | 55 | 55.7 | 54.6 | — |
| 05/23 | Markit US Composite PMI | — | 55.7 | 54.9 | — |
| 05/23 | New Home Sales | 680k | 662k | 694k | 672k |
| 05/23 | New Home Sales MoM | -2.10% | -1.50% | 4.00% | 2.00% |
| 05/23 | Revisions: New Homes | ||||
| 05/23 | FOMC Meeting Minutes | — | — | — | — |
| 05/24 | Initial Jobless Claims | 220k | 234k | 222k | 223k |
| 05/24 | Continuing Claims | 1746k | 1741k | 1707k | 1712k |
| 05/24 | House Price Purchase Index QoQ | 0.70% | 1.70% | 1.60% | 1.70% |
| 05/24 | FHFA House Price Index MoM | 0.60% | 0.10% | 0.60% | 0.80% |
| 05/24 | Bloomberg Consumer Comfort | — | 55.2 | 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% | — |