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Late Risk Appetite Gathers Momentum

US TSYS

Midweek risk-on tone gathered momentum into Fri's close: Tsys steady/mixed with long end firmer but near second half lows while stocks continued to extend rally.

  • SPX eminis were up near 5% for the week as risk appetite improved following Wed's May FOMC minutes release that showed a flexible Fed and no discussion of larger rate hikes ESM2 +105.25 (2.47%) at 4161.0.
  • Bonds receded off early session highs post data, Apr core PCE at 4.9% YoY but headline of 6.3% YoY slightly higher than expected and fastest of last three months.
  • Aside from PCE, Apr Advance Goods Trade Balance shows deficit of $105.9B vs. $114.9B expected; Wholesale Inventories +2.1% MoM vs. +2.0% exp.
  • General quiet ahead Monday, May 30 Memorial Day national holiday. Cash FI markets closed while Globex opens at normal time Sunday evening at 1800ET through Monday at 1300ET. Globex reopens at 1800ET Monday evening.
  • Tuesday focus: FHFA House Price Index MoM (2.1%, 2.0%); QoQ (3.3%, --); MNI Chicago PMI (56.4, 54.8); Conf. Board Consumer Confidence (107.3, 103.5); May-31 1030 Dallas Fed Manf. Activity (1.1, 1.5)
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