Treasury yields are another 3-4 basis points lower to start the week, adding to last week’s 18 basis point decline in front-end/intermediate yields. For last week, a not-so-hawkish FOMC meeting and downside surprise from the April jobs report fueled the bond market rally, more than offsetting a hotter than expected Employment Cost Index reading earlier in the week. This week’s data calendar is relatively light, but several Fed leaders will speak this week, including Williams (NY Fed) and Barkin (Richmond Fed) later today.
Jason Haley Chief Investment Officer
Date Event Survey Actual Prior Revised 5/6/2024 Senior Loan Officer Opinion Survey on Bank Lending Practices 5/7/2024 Consumer Credit $15.000b — $14.125b — 5/8/2024 MBA Mortgage Applications — — -2.30% — 5/8/2024 Wholesale Trade Sales MoM 0.80% — 2.30% — 5/8/2024 Wholesale Inventories MoM -0.40% — -0.40% — 5/9/2024 Initial Jobless Claims 213k — 208k — 5/9/2024 Continuing Claims 1784k — 1774k — 5/10/2024 U. of Mich. Sentiment 76.2 — 77.2 — 5/10/2024 U. of Mich. Current Conditions 78.9 — 79 — 5/10/2024 U. of Mich. Expectations 75.4 — 76 — 5/10/2024 U. of Mich. 1 Yr Inflation 3.30% — 3.20% — 5/10/2024 U. of Mich. 5-10 Yr Inflation 3.00% — 3.00% — 5/10/2024 Monthly Budget Statement $250.0b — -$236.5b — 5/13/2024 NY Fed 1-Yr Inflation Expectations — — 3.00% —
Jason Haley Chief Investment Officer
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