May 28, 2021 Headlines

It’s a relatively quiet morning for U.S. markets heading into the long holiday weekend. Treasury yields are little changed, and equity futures are up 20-40 bps ahead of the open. Personal income and spending growth for April was largely in line with expectations. Core PCE rose 0.7% in April, slightly more than expected and the highest monthly reading since 2001. On a year-over-year basis, core PCE was up 3.1%. There hasn’t been much of a market reaction to the report given that already-released retail sales and CPI reports for April made today’s data less of a surprise, particularly on the inflation side. In observance of Memorial Day, the bond market will close early today at 2pm EDT.

Jason Haley
Chief Investment Officer

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%-1.30%0.80%1.30%
5/27/2021Durables Ex Transportation0.70%1.00%1.90%3.20%
5/27/2021Cap Goods Orders Nondef Ex Air1.00%2.30%1.20%1.60%
5/27/2021Cap Goods Ship Nondef Ex Air0.80%0.90%1.60%1.50%
5/27/2021Initial Jobless Claims425k406k444k
5/27/2021Continuing Claims3680k3642k3751k3738k
5/27/2021GDP Annualized QoQ6.50%6.40%6.40%
5/27/2021Personal Consumption10.90%11.30%10.70%
5/27/2021GDP Price Index4.10%4.30%4.10%
5/27/2021Core PCE QoQ2.30%2.50%2.30%
5/27/2021Langer Consumer Comfort53.855.3
5/27/2021Pending Home Sales MoM0.40%-4.40%1.90%1.70%
5/27/2021Pending Home Sales NSA YoY53.50%25.30%25.00%
5/27/2021Kansas City Fed Manf. Activity302631
5/28/2021Advance Goods Trade Balance-$92.0b-$85.2b-$90.6b-$92.0b
5/28/2021Wholesale Inventories MoM0.70%0.80%1.30%1.10%
5/28/2021Retail Inventories MoM-1.20%-1.60%-1.40%
5/28/2021Personal Income-14.20%-13.10%21.10%20.90%
5/28/2021Personal Spending0.50%0.50%4.20%4.70%
5/28/2021Real Personal Spending0.20%-0.10%3.60%4.10%
5/28/2021PCE Deflator MoM0.60%0.60%0.50%0.60%
5/28/2021PCE Deflator YoY3.50%3.60%2.30%2.40%
5/28/2021PCE Core Deflator MoM0.60%0.70%0.40%
5/28/2021PCE Core Deflator YoY2.90%3.10%1.80%1.90%
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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