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What to Watch: NY Fed Williams, Empire Mfg, TIC Flow

MARKET INSIGHT

FI trades mildly firmer on modest volumes (TYM2 just over 300k) , curves mildly flatter with short end lagging (2s10s -1.90 at 31.331). Inside range on generally calm start to the new week.

  • Economic data on tap:
    • Empire Manufacturing (24.6, 15) at 0830ET
    • May-16 1600 Net Long-term TIC Flows ($141.7B, --), 1600ET
    • May-16 1600 Total Net TIC Flows ($162.6B, --), 1600ET
  • Scheduled FED speakers:
    • NY Fed Williams moderated discussion, no text, 0855ET
  • US Tsy auctions:
    • US Tsy $45B 13W, $42B 26W bill auctions Mon at 1130ET
  • Geopol risk: Russian Dep FM-FIN, SWE Joining NATO 'Mistake w/Far-Reaching Consequences': Russia's state-run RIA carries comments from Russian Deputy Foreign Minister Sergei Ryabkov stating that Finland and Sweden's decisions to join the NATO alliance is a mistake 'with far-reaching consequences'.
  • Cross-Asset Roundup: Crude weaker (WTI -1.199 at 109.30); Gold weaker (-7.54 at 1804.25); SPX softer (ESM2 -10.5 at 4009.25).

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