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Bob Carey
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  US Economy and Credit Markets Ended May 27, 2022
Posted Under: Weekly Market Commentary
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Bond yields fell across most of the curve for the third straight week marking their lowest levels in over a month. Yields tumbled on Tuesday as investors renewed demand for safe-haven treasuries after negative earnings news created caution around advertising and consumer spending. New home sales also disappointed on Tuesday after reporting a 0.591 million annual rate, well below the consensus expected 0.749 million and marking a 27% drop from a year ago. The spike in the average mortgage rate to 5.24% paired with higher-priced homes and broad-based inflation has cut demand. The release of Fed minutes on Wednesday left yields little changed. Most US policymakers view half-point rate hikes as appropriate at the next two meetings but left the door open for a pause in early fall. Officials believe expedited tightening in the coming months would leave the Fed "well-positioned later this year to assess the effects of policy firming and the extent to which economic developments warranted policy adjustment." Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: May MNI Chicago PMI (55.1, 56.4), May Conference Board of Consumer Confidence (103.8, 107.3); Wednesday: May 27 MBA Mortgage Applications (n/a, -1.2%), May Final S&P Global US Manufacturing PMI (57.5, 57.5), May ISM Manufacturing (54.5, 55.4); Thursday: May 28 Initial Jobless Claims (210k, 210k), April Factory Orders (0.7%, 2.2%), April Final Durable Goods Orders (0.4%, 0.4%); Friday: May Change in Nonfarm Payrolls (325k, 428k), May Unemployment Rate (3.5%, 3.6%).
Posted on Tuesday, May 31, 2022 @ 8:44 AM • Post Link Share: 
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