Treasuries are little changed this morning with the 10-year up 2 bps. Equity futures are trading in negative territory as US trade policy once again weighs on market sentiment. In a recent interview, President Trump said he had no current plans to discuss trade policy with Chinese President Xi Jinping, though in the same interview, he suggested that trade deals with certain countries could come as soon as this week. Whether or not any trade deals are struck this week, questions still surround how substantial any deals could be, as trade deals have typically taken months, and in some cases, years to finish.
Hafizan Hamzah Senior Director, Investment Management Group
Date Event Surv(M) Actual Prior 5/05/2025 S&P Global US Services PMI 51.2 — 51.4 5/05/2025 S&P Global US Composite PMI 51.2 — 51.2 5/05/2025 ISM Services Index 50.2 — 50.8 5/05/2025 ISM Services Prices Paid 61.4 — 60.9 5/05/2025 ISM Services New Orders 50.3 — 50.4 5/05/2025 ISM Services Employment 47.1 — 46.2 5/06/2025 Trade Balance -$136.8b — -$122.7b 5/07/2025 MBA Mortgage Applications — — -4.20% 5/07/2025 FOMC Rate Decision (Upper Bound) 4.50% — 4.50% 5/07/2025 FOMC Rate Decision (Lower Bound) 4.25% — 4.25% 5/07/2025 Fed Interest on Reserve Balances Rate 4.40% — 4.40% 5/07/2025 Consumer Credit $9.500b — -$0.810b 5/08/2025 Nonfarm Productivity -0.70% — 1.50% 5/08/2025 Unit Labor Costs 5.20% — 2.20% 5/08/2025 Initial Jobless Claims 230k — 241k 5/08/2025 Initial Claims 4-Wk Moving Avg — — 226.00k 5/08/2025 Continuing Claims 1892k — 1916k 5/08/2025 Wholesale Trade Sales MoM — — 2.40% 5/08/2025 Wholesale Inventories MoM 0.50% — 0.50% 5/08/2025 NY Fed 1-Yr Inflation Expectations — — 3.58%
Hafizan Hamzah Senior Director, Investment Management Group
LinkedIn
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