It was a quiet overnight session heading into the holiday weekend.
Global financial markets were relatively calm, and Treasury yields are modestly lower so far this morning. There’s an early close in the bond market (2pm ET), and trading volumes should fade as the morning progresses. Oil prices are steady this morning and poised to finish the week lower. Media reports suggest that the UAE, Saudia Arabia, and Qatar are urging President Trump to avoid any additional military action against Iran and to give negotiations more time. Later this morning, the final results of the May University of Michigan consumer sentiment survey will be released, and Fed Governor Chris Waller will provide an economic outlook at an event in Germany.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 5/22/2026 | Bloomberg May United States Economic Survey | ||||
| 5/22/2026 | U. of Mich. Sentiment | 48.2 | — | 48.2 | — |
| 5/22/2026 | U. of Mich. Current Conditions | 48 | — | 47.8 | — |
| 5/22/2026 | U. of Mich. Expectations | 48.5 | — | 48.5 | — |
| 5/22/2026 | U. of Mich. 1 Yr Inflation | 4.60% | — | 4.50% | — |
| 5/22/2026 | U. of Mich. 5-10 Yr Inflation | 3.40% | — | 3.40% | — |
| 5/22/2026 | Kansas City Fed Services Activity | 5 | — | 3 | — |
| 5/26/2026 | ADP Weekly Employment Change | — | — | 42.250k | — |
| 5/26/2026 | Chicago Fed Nat Activity Index | — | — | -0.2 | — |
| 5/26/2026 | Philadelphia Fed Non-Manufacturing Activity | — | — | -16.5 | — |
| 5/26/2026 | FHFA House Price Index MoM | 0.10% | — | 0.00% | — |
| 5/26/2026 | House Price Purchase Index QoQ | — | — | 0.80% | — |
| 5/26/2026 | S&P Cotality CS 20-City MoM SA | 0.10% | — | -0.05% | — |
| 5/26/2026 | S&P Cotality CS 20-City YoY NSA | 1.00% | — | 0.90% | — |
| 5/26/2026 | S&P Cotality CS US HPI YoY NSA | — | — | 0.67% | — |
| 5/26/2026 | Conf. Board Consumer Confidence | 91.5 | — | 92.8 | — |
| 5/26/2026 | Conf. Board Present Situation | 123 | — | 123.8 | — |
| 5/26/2026 | Conf. Board Expectations | 71 | — | 72.2 | — |
| 5/26/2026 | Dallas Fed Manf. Activity | — | — | -2.3 | — |
| 5/27/2026 | MBA Mortgage Applications | — | — | -2.30% | — |
| 5/27/2026 | Richmond Fed Manufact. Index | — | — | 3 | — |
| 5/27/2026 | Richmond Fed Business Conditions | — | — | -6 | — |
| 5/27/2026 | Dallas Fed Services Activity | — | — | -9.9 | — |
| 5/28/2026 | Personal Income | 0.40% | — | 0.60% | — |
| 5/28/2026 | Personal Spending | 0.50% | — | 0.90% | — |
| 5/28/2026 | Real Personal Spending | 0.10% | — | 0.20% | — |
| 5/28/2026 | PCE Price Index MoM | 0.50% | — | 0.70% | — |
| 5/28/2026 | PCE Price Index YoY | 3.90% | — | 3.50% | — |
| 5/28/2026 | Core PCE Price Index MoM | 0.30% | — | 0.30% | — |
| 5/28/2026 | Core PCE Price Index YoY | 3.30% | — | 3.20% | — |
| 5/28/2026 | Initial Jobless Claims | 213k | — | 209k | — |
| 5/28/2026 | Initial Claims 4-Wk Moving Avg | — | — | 202.50k | — |
| 5/28/2026 | Continuing Claims | — | — | 1782k | — |
| 5/28/2026 | Durable Goods Orders | 3.00% | — | 0.80% | — |
| 5/28/2026 | Durables Ex Transportation | 0.40% | — | 0.90% | — |
| 5/28/2026 | Cap Goods Orders Nondef Ex Air | 0.40% | — | 3.40% | — |
| 5/28/2026 | Cap Goods Ship Nondef Ex Air | — | — | 1.20% | — |
| 5/28/2026 | GDP Annualized QoQ | 2.10% | — | 2.00% | — |
| 5/28/2026 | Personal Consumption | 1.70% | — | 1.60% | — |
| 5/28/2026 | GDP Price Index | 3.60% | — | 3.60% | — |
| 5/28/2026 | Core PCE Price Index QoQ | 4.30% | — | 4.30% | — |
| 5/28/2026 | New Home Sales | 663k | — | 682k | — |
| 5/28/2026 | New Home Sales MoM | -3.90% | — | 7.40% | — |
| 5/28/2026 | Building Permits | — | — | 1442k | — |
| 5/28/2026 | Building Permits MoM | — | — | 5.80% | — |
| 5/29/2026 | Advance Goods Trade Balance | -$87.0b | — | -$87.9b | -$87.4b |
| 5/29/2026 | Advance Goods Imports MoM SA | — | — | 3.30% | 3.50% |
| 5/29/2026 | Advance Goods Exports MoM SA | — | — | 2.50% | 3.00% |
| 5/29/2026 | Retail Inventories MoM | — | — | 0.70% | 0.60% |
| 5/29/2026 | Wholesale Inventories MoM | — | — | 1.30% | — |
| 5/29/2026 | MNI Chicago PMI | 51.2 | — | 49.2 | — |
