It was a very quiet overnight session with much of Europe on holiday.
Treasuries open the week with yields unchanged to slightly higher. With April CPI and retail sales data in line or softer versus expectations last week, Treasury yields fell 12 basis points in the belly of the curve, and spreads ended the week tighter across most fixed income sectors. There are no data releases in the U.S. today, and for the week, the calendar is relatively light. The minutes of the May 1 FOMC meeting will be released on Wednesday, and preliminary May S&P PMI data will be released on Thursday. Five different Fed leaders will speak today, including three separate appearances by Atlanta Fed President Bostic (2024 voter).
Jason Haley
Chief Investment Officer
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 05/21/24 | Philadelphia Fed Non-Manufacturing Activity | — | — | -12.4 | — |
| 05/22/24 | MBA Mortgage Applications | — | — | 0.50% | — |
| 05/22/24 | Existing Home Sales | 4.22m | — | 4.19m | — |
| 05/22/24 | Existing Home Sales MoM | 0.60% | — | -4.30% | — |
| 05/22/24 | FOMC Meeting Minutes | — | — | — | — |
| 05/23/24 | Chicago Fed Nat Activity Index | 0.13 | — | 0.15 | — |
| 05/23/24 | Initial Jobless Claims | 220k | — | 222k | — |
| 05/23/24 | Continuing Claims | 1791k | — | 1794k | — |
| 05/23/24 | S&P Global US Manufacturing PMI | 49.9 | — | 50 | — |
| 05/23/24 | S&P Global US Services PMI | 51.4 | — | 51.3 | — |
| 05/23/24 | S&P Global US Composite PMI | — | — | 51.3 | — |
| 05/23/24 | New Home Sales | 679k | — | 693k | — |
| 05/23/24 | New Home Sales MoM | -2.10% | — | 8.80% | — |
| 05/23/24 | Kansas City Fed Manf. Activity | -7 | — | -8 | — |
| 05/24/24 | Durable Goods Orders | -0.70% | — | 2.60% | 0.90% |
| 05/24/24 | Durables Ex Transportation | 0.10% | — | 0.20% | 0.00% |
| 05/24/24 | Cap Goods Orders Nondef Ex Air | 0.10% | — | 0.10% | -0.20% |
| 05/24/24 | Cap Goods Ship Nondef Ex Air | 0.10% | — | 0.00% | -0.10% |
| 05/24/24 | Bloomberg May United States Economic Survey | ||||
| 05/24/24 | U. of Mich. Sentiment | 67.7 | — | 67.4 | — |
| 05/24/24 | U. of Mich. Current Conditions | — | — | 68.8 | — |
| 05/24/24 | U. of Mich. Expectations | — | — | 66.5 | — |
| 05/24/24 | U. of Mich. 1 Yr Inflation | — | — | 3.50% | — |
| 05/24/24 | U. of Mich. 5-10 Yr Inflation | — | — | 3.10% | — |
| 05/24/24 | Kansas City Fed Services Activity | — | — | 9 | — |
