Selloffs in Japanese and U.K. bond markets overnight have spilled over into the U.S. to start the day, with Treasury yields up 4-5 basis points. The U.K. selloff was sparked by an upside surprise in the April CPI report. Yesterday Fed Governor Christopher Waller said he needs to see “several months of good inflation data” before being comfortable with rate cuts. However, on the other end of the policy spectrum, Waller, who has delivered some of the more hawkish rhetoric among Fed leaders, said further rate hikes are “probably unnecessary” in light of recent inflation data, which he said appears to be not accelerating.
Jason Haley Chief Investment Officer
Date Event Surv(M) Actual Prior Revised 05/22/24 MBA Mortgage Applications — 1.90% 0.50% — 05/22/24 Existing Home Sales 4.23m — 4.19m — 05/22/24 Existing Home Sales MoM 0.80% — -4.30% — 05/22/24 FOMC Meeting Minutes — — — — 05/23/24 Chicago Fed Nat Activity Index 0.15 — 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 51.2 — 51.3 — 05/23/24 S&P Global US Composite PMI 51 — 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 -0.80% — 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 3.40% — 3.50% — 05/24/24 U. of Mich. 5-10 Yr Inflation 3.00% — 3.10% — 05/24/24 Kansas City Fed Services Activity — — 9 —
Jason Haley Chief Investment Officer
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