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Renewed Fighting Pushes Back on Recent Rally
Renewed Fighting Pushes Back on Recent Rally
There's a supertanker load of data this morning with some apparently interesting results, but the market remains focused primarily on supertankers being able to transport oil. Those prospects were dealt a fresh blow overnight as both sides reported renewed attacks. Bond yields and oil prices jumped clearly in response, but not in an overly aggressive fashion. And to be fair to this morning's data, it has actually been up to the task of helping yields drop about 2bps back to unchanged levels. Primary credit would have to go to lower than expected monthly PCE prices.
In a Shocking Twist, Bonds Relive Another Groundhog Day
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, May 28 | |||||
| 8:10AM | Apr Building Permits (ml) | Apr | 1.423M | 1.442M | 1.363M |
| 8:30AM | May/16 Continued Claims (k) | May/16 | 1786.0K | 1780K | 1782K |
| 8:30AM | May/23 Jobless Claims (k) | May/23 | 215.0K | 211K | 209K |
| 8:30AM | Q1 Core PCE Prices QoQ | Q1 | 4.4% | 4.3% | 2.7% |
| 8:30AM | Q1 GDP (%) | Q1 | 1.6% | 2.0% | 0.5% |
| 8:30AM | Q1 Corporate profits (% ) | Q1 | -0.4% | 5.7% | 5.7% |
| 8:30AM | Apr PCE prices (m/m) (%) | Apr | 0.4% | 0.5% | 0.7% |
| 8:30AM | Q1 GDP Final Sales (%) | Q1 | 1.5% | 1.6% | 0.3% |
| 8:30AM | Apr PCE (y/y) (%) | Apr | 3.8% | 3.8% | 3.5% |
| 8:30AM | Q1 PCE Prices (Q/Q) | Q1 | 4.5% | 4.5% | 2.9% |
| 8:30AM | Apr Core PCE (m/m) (%) | Apr | 0.2% | 0.3% | 0.3% |
| 8:30AM | Apr Core CapEx (%) | Apr | -1.1% | 0.4% | 3.4% |
| 8:30AM | Apr Durable goods (%) | Apr | 7.9% | 3.5% | 0.8% |
| 8:30AM | Apr Core PCE (y/y) (%) | Apr | 3.3% | 3.3% | 3.2% |
| 8:55AM | Fed Williams Speech | ||||
| 10:00AM | Apr New Home Sales (ml) | Apr | 0.67M | 0.682M | |
| 10:00AM | Apr New Home Sales (%) (%) | Apr | 7.4% | ||
| 12:00PM | May/22 Crude Oil Inventory (ml) | May/22 | -5M | -7.864M | |
| 1:00PM | 7-Yr Note Auction (bl) | 44 | |||
| Friday, May 29 | |||||
| 9:10AM | Fed Bowman Speech | ||||
| 9:15AM | Fed Paulson Speech | ||||
| 9:45AM | May Chicago PMI | May | 49.7 | 49.2 | |
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