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Author Michael Oravetz

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Risk-off sentiment returned ahead of the Memorial Day weekend. 

An unexpected surge in PMI data, along with an upward bound in durable goods (+0.8% vs. -0.7% consensus) has repriced Treasury yields higher. Bear flattening in the yield curve pushed U.S. equities lower, with the S&P 500 edging off its all-time high at the Wednesday close. The 2-year Treasury now sits at 4.95% ahead of a shortened Friday trading period, as market participants priced a full 25 basis point rate cut out of the November Fed meeting.

The economic calendar will be full as investors return from the extended weekend – and they’ll also need to adjust to newly defined, and shortened, settlement windows. May 28th will be the T+1 (trade date + 1) implementation day for a variety of asset classes, including equities, corporate and municipal credit, along with some asset-backed securities and structured products.

Fixed income trading will close today at 2PM ET. The bond market will remain closed Monday in observance of Memorial Day as well. Enjoy the long weekend.

Michael Oravetz
Managing Director, Investment Management Group

DateEventSurveyActualPriorRevised
5/24/2024Durable Goods Orders-0.80%0.70%2.60%0.80%
5/24/2024Durables Ex Transportation0.10%0.40%0.20%0.00%
5/24/2024Cap Goods Orders Nondef Ex Air0.10%0.30%0.10%-0.10%
5/24/2024Cap Goods Ship Nondef Ex Air0.10%0.40%0.00%-0.30%
5/24/2024Bloomberg May United States Economic Survey    
5/24/2024U. of Mich. Sentiment67.7—67.4—
5/24/2024U. of Mich. Current Conditions68.8—68.8—
5/24/2024U. of Mich. Expectations67—66.5—
5/24/2024U. of Mich. 1 Yr Inflation3.40%—3.50%—
5/24/2024U. of Mich. 5-10 Yr Inflation3.10%—3.10%—
5/24/2024Kansas City Fed Services Activity——9—
Michael Oravetz

Michael Oravetz

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