The yield curve is steepening this morning with the front end basically flat and the long end up 3-5 bps after a strong overnight session. Today will be a quiet day on the economic data front with only one release this morning – Philadelphia Fed’s non-manufacturing activity data. In contrast, a number of Fed president’s and one Governor, Kugler, will speak today in various capacities.
Conrad Lofton Director, Investment Management Group
Date Event Survey Actual Prior 5/20/2025 Philadelphia Fed Non-Manufacturing Activity — -41.9 -42.7 5/21/2025 MBA Mortgage Applications — — 1.10% 5/22/2025 Chicago Fed Nat Activity Index -0.25 — -0.03 5/22/2025 Initial Jobless Claims 230k — 229k 5/22/2025 Initial Claims 4-Wk Moving Avg — — 230.50k 5/22/2025 Continuing Claims 1883k — 1881k 5/22/2025 S&P Global US Manufacturing PMI 49.8 — 50.2 5/22/2025 S&P Global US Services PMI 51 — 50.8 5/22/2025 S&P Global US Composite PMI 50.3 — 50.6 5/22/2025 Existing Home Sales 4.10m — 4.02m 5/22/2025 Existing Home Sales MoM 2.00% — -5.90% 5/22/2025 Kansas City Fed Manf. Activity -5 — -4 5/23/2025 Bloomberg May United States Economic Survey 5/23/2025 New Home Sales 695k — 724k 5/23/2025 New Home Sales MoM -4.00% — 7.40% 5/23/2025 Kansas City Fed Services Activity — — 3 5/23/2025 Building Permits — — 1412k 5/23/2025 Building Permits MoM — — -4.70% 5/27/2025 Durable Goods Orders -8.10% — 9.20% 5/27/2025 Durables Ex Transportation 0.10% — 0.00% 5/27/2025 Cap Goods Orders Nondef Ex Air — — 0.10% 5/27/2025 Cap Goods Ship Nondef Ex Air — — 0.20% 5/27/2025 FHFA House Price Index MoM — — 0.10% 5/27/2025 House Price Purchase Index QoQ — — 1.40% 5/27/2025 S&P CoreLogic CS 20-City MoM SA — — 0.40% 5/27/2025 S&P CoreLogic CS 20-City YoY NSA — — 4.50% 5/27/2025 S&P CoreLogic CS US HPI YoY NSA — — 3.87% 5/27/2025 Conf. Board Consumer Confidence 87 — 86 5/27/2025 Conf. Board Present Situation — — 133.5 5/27/2025 Conf. Board Expectations — — 54.4 5/27/2025 Dallas Fed Manf. Activity — — -35.8
Conrad Lofton Director, Investment Management Group
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