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Bob Carey
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  US Economy and Credit Markets Ended May 25, 2019
Posted Under: Weekly Market Commentary
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U.S. Treasury yields rallied on Friday after geopolitical turmoil continued to rattle financial markets last week. President Donald Trump mentioned the United States would be willing to pull back its ban against Huawei Technologies Inc. as part of a trade deal. Investors remain concerned that the longstanding trade dispute will not be resolved. On Thursday, the U.S. Treasury 10-year yield fell to the lowest level since late 2017. The drop in Treasury yields on Thursday were due in part to the reception of United States economic data. April new single-family home sales fell 6.9%, with median prices of new homes sold 8.8% higher year-over-year. April existing home sales fell 0.4%, with median prices of existing homes sold increasing 3.6% versus one year ago. Despite the disappointing headlines, the underlying data was more encouraging. New home sales are up 7.0% from a year ago. Mortgage rates are about 80 basis points lower than peak rates in November, which aids home sales. As for existing home sales, the rate of growth for median prices has been slowing and inventories are improving versus this time last year. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Tuesday: March FHFA House Price Index MoM (0.2%, 0.3%), May Conference Board Consumer Confidence (130.0, 129.2); Wednesday: May 24 MBA Mortgage Applications (n/a, 2.4%); Thursday: 1Q Second GDP Annualized QoQ (3.1%, 3.2%), 1Q Second Personal Consumption (1.2%, 1.2%), May 25 Initial Jobless Claims (214k, 211k), April Preliminary Wholesale Inventories MoM (0.1%, -0.1%); Friday: April Personal Income (0.3%, 0.1%), April Personal Spending (0.2%, 0.9%), May MNI Chicago PMI (54.0, 52.6), May Final University of Michigan Sentiment (101.3, 102.4).
Posted on Tuesday, May 28, 2019 @ 8:18 AM • Post Link Share: 
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