May 26, 2021 Headlines

US Treasuries are lower this morning ahead of today’s $61 billion 5-year auction. Overnight comments from Fed Vice Chair Richard Clarida reiterated that officials view price pressures in the US as transitory. However, Clarida added a statement that Federal Reserve members may be ready to discuss how to taper asset purchases in “upcoming meetings”. The only release on the economic calendar today is the MBA Mortgage Application Index which fell 4.2%. Total refinances were down 7.2% versus the prior week as the average 30-year mortgage rate rose to 3.18%. Tomorrow will provide more data points with the announcement of jobless claims, GDP, durable goods, and pending home sales.

Chris Eckhoff
Associate, Investment Management Group

5/24/2021Chicago Fed Nat Activity Index1.20.241.71
5/25/2021FHFA House Price Index MoM1.00%1.40%0.90%1.10%
5/25/2021House Price Purchase Index QoQ3.50%3.80%3.90%
5/25/2021S&P CoreLogic CS 20-City MoM SA1.30%1.60%1.17%1.23%
5/25/2021S&P CoreLogic CS 20-City YoY NSA12.55%13.27%11.94%12.00%
5/25/2021S&P CoreLogic CS US HPI YoY NSA13.19%11.97%12.04%
5/25/2021New Home Sales950k863k1021k917k
5/25/2021New Home Sales MoM-7.00%-5.90%20.70%7.40%
5/25/2021Revisions: New Home Sales
5/25/2021Conf. Board Consumer Confidence118.8117.2121.7117.5
5/25/2021Conf. Board Present Situation144.3139.6131.9
5/25/2021Conf. Board Expectations99.1109.8107.9
5/25/2021Richmond Fed Manufact. Index191817
5/26/2021MBA Mortgage Applications-4.20%1.20%
5/27/2021Durable Goods Orders0.80%0.80%1.00%
5/27/2021Durables Ex Transportation0.80%1.90%2.30%
5/27/2021Cap Goods Orders Nondef Ex Air1.00%1.20%1.00%
5/27/2021Cap Goods Ship Nondef Ex Air0.80%1.60%1.30%
5/27/2021Initial Jobless Claims425k444k
5/27/2021Continuing Claims3680k3751k
5/27/2021GDP Annualized QoQ6.50%6.40%
5/27/2021GDP Price Index4.10%4.10%
5/27/2021Personal Consumption11.00%10.70%
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-14.30%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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