What to Watch: Data Deluge Ahead Long Weekend

Rates trading firmer ahead the opening bell, extending overnight highs over last hour on moderate volumes, yield curves paring back recent steepening: 2s10s -.933 at 25.574 vs. 28.795 high; resisting inversion, 5s10s at 2.277 (-1.174).

• No scheduled Fed speakers ahead the extended Memorial day weekend. 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.
  
• Economic data kicks off at 0830ET:
  • Personal Income (0.5%, 0.5%); Personal Spending (1.1%, 0.7%)
  • PCE Deflator MoM (0.9%, 0.2%); YoY (6.6%, 6.2%)
  • PCE Core Deflator MoM (0.3%, 0.3%); YoY (5.2%, 4.9%)
  • Advance Goods Trade Balance (-$127.1B rev, -$114.8B)
  • Retail Inventories MoM (2.0%, 2.0%)
  • Wholesale Inventories MoM (2.3%, 2.0%) followed by
  • U. of Mich. Sentiment (59.1, 59.1) at 1000ET
• Geopol risk: Russia/Ukraine headlines never far from the front burner, latest rhetoric from FM Lavrov: West has declared ‘total war’ on Russia (Al Arabiya); European Union Is Working n Russia Oil Sanctions Deal That Would Exclude Pipeline Deliveries (Benzinga).