The risk off trade is still on as Treasuries continued their rally with the curve lower and flatter this morning. Equities were mixed, while oil fell roughly 2% in response to news that Russia is moving closer to an agreement to increase output. Geopolitical concerns continue to weigh on the markets, as Spain’s largest opposition party is moving towards a no-confidence vote for current Prime Minister Rajoy. Additionally, the President’s threat to raise tariffs on automobiles has roiled not only the markets, but American allies and industry leaders as well.
Please note that the market is closing early today in observance of the upcoming Memorial Day holiday at 2:00 PM EDT.
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 | FHFA House Price Index MoM | 0.60% | 0.10% | 0.60% | 0.80% |
| 05/24 | House Price Purchase Index QoQ | 0.70% | 1.70% | 1.60% | 1.70% |
| 05/24 | Bloomberg Consumer Comfort | — | 55.2 | 54.6 | — |
| 05/24 | Existing Home Sales | 5.55m | 5.46m | 5.60m | — |
| 05/24 | Existing Home Sales MoM | -0.90% | -2.50% | 1.10% | — |
| 05/24 | Kansas City Fed Manf. Activity | 20 | 29 | 26 | — |
| 05/25 | Durable Goods Orders | -1.30% | -1.70% | 2.60% | 2.70% |
| 05/25 | Durables Ex Transportation | 0.50% | 0.90% | 0.10% | 0.40% |
| 05/25 | Cap Goods Orders Nondef Ex Air | 0.70% | 1.00% | -0.40% | -0.90% |
| 05/25 | Cap Goods Ship Nondef Ex Air | 0.40% | 0.80% | -0.80% | -0.70% |
| 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% | — |