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What to Watch: S&P Global MFG PMIs, ISMs, Const Spending

US TSYS
  • Generally quiet start to a big week ahead this morning, low volumes with Europe closed for May-Day holiday (reminder, next week Monday UK markets closed for the King's Coronation).
  • This weeks main focus is on Wednesday's FOMC policy announcement (25bp hike largely anticipated). The policy announcement is preceded by ADP private employment data at 0815ET followed by Friday's non-farm payroll data (+175k est vs. +236k prior).
  • Today's data includes S&P Global US Manufacturing PMI at 0945ET followed by Construction Spending MoM and ISMs at 1000ET.
  • Treasury futures remain weaker but off recent lows amid flurry of rate-lock hedging vs. META 5pt and Comcast 4pt issuance today.

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