US Treasuries
- Friday’s range for UST 10y: 4.385% – 4.44%, closing at 4.43%
Bloomberg: Fed to Shrink Staff By About 10% Over Next Several Years
MarketScreener: Former Chair Bernanke Argues for More Fed Transparency
Link to Bernanke’s proposal: Improving Fed communications: A proposal
Marketwatch: Opinion: why is the Fed quietly buying billions in bonds – and hoping nobody notices?
Upcoming US Treasury Supply
Tentative Schedule of Treasury Buyback Operations
Week over Week Changes by Maturity
- < 2 years: $16.4 Bn on 4/30/25 to $17.4 Bn on 5/07/25 = $1.0 Bn
- 2 – 6 years: $6.8 Bn on 4/30/25 to $6.7 Bn on 5/07/25 = ($0.1 Bn)
- 6 – 11 years: $4.9 Bn on 4/30/25 to $4.5 Bn on 5/07/25 = ($0.4 Bn)
- > 11 years: ($874) Mn on 4/30/25 to ($931) Mn on 5/07/25 = ($57 Mn)
In Other News
ProFarmer: Three “I” States See 1% Rise in Farmland Values
Central Corn Belt “good” farmland values saw a 1% increase from a year ago, and a 4% rise from the fourth quarter of 2024, according to a survey of agricultural banks conducted by the Federal Reserve Bank of Chicago.
Business Insider: There’s a big disconnect between US economic vibes and what the data actually says
The US economy is holding up, but Americans don’t seem to see it that way.
Realtor.com: Single-Family Home Construction Drops as Tariff Turmoil Hits Homebuilders
Construction activity on single-family homes slowed in April, as homebuilders grappled with uncertainty over tariff policy, high interest rates, and weak demand.
Arbor Data Science:
RVBusiness: Winnebago Industries Announces Layoffs at 4 Iowa Plants
Winnebago Industries issued the following statement:
“In response to recent cyclical shifts in the RV industry including decreased customer demand, elevated inventory levels, and other business considerations, we are balancing the workforce size within the Winnebago brand’s motorhome division.”
Upcoming Economic Releases & Fed Speak
- 5/18/2025 at 05:20pm EST: Fed’s Williams Gives Commencement Address
- 5/18/2025 – 5/21/2025: Federal Reserve Bank of Atlanta’s 2024 Financial Markets
- 5/19/2025 at 08:30am EST: Bostic Gives Opening Remarks
- 5/19/2025 at 08:45am EST: Fed’s Jefferson Gives Keynote, Bostic Moderates
- 5/19/2025 at 08:45am EST: Fed’s Williams Speaks in Moderated Discussion
- 5/19/2025 at 10:00am EST: Leading Index
- 5/19/2025 at 01:15pm EST: Fed’s Logan Moderates Panel at Atlanta Fed Conference
- 5/20/2025 at 08:30am EST: Philadelphia Fed Non-Manufacturing Activity
- 5/20/2025 at 09:00am EST: Fed’s Bostic Gives Opening Remarks
- 5/20/2025 at 09:00am EST: Fed’s Barkin Gives Speech at Richmond Fed Conference
- 5/20/2025 at 09:30am EST: Fed’s Collins Hosts Fed Listens Event in New Hampshire
- 5/20/2025 at 01:00pm EST: Fed’s Musalem Speaks on Economy, Policy
- 5/20/2025 at 07:00pm EST: Fed’s Hammack, Daly Give Keynote, Bostic Moderates
- 5/21/2025 at 07:00am EST: MBA Mortgage Applications
- 5/21/2025 at 12:15pm EST: Fed’s Barkin, Bowman Participate in Fed Listens
- 5/22/2025 at 08:30am EST: Chicago Fed Nat Activity Index
- 5/22/2025 at 08:30am EST: Initial Jobless Claims / Initial Claims 4-Wk Moving Avg / Continuing Claims
- 5/22/2025 at 08:30am EST: S&P Global US Manufacturing PMI / Services PMI / Composite PMI
- 5/22/2025 at 10:00am EST: Existing Home Sales / Existing Home Sales MoM
- 5/22/2025 at 11:00am EST: Kansas City Fed Manf. Activity
- 5/22/2025 at 02:00pm EST: Fed’s Williams Gives Keynote Remarks
- 5/23/2025 at 09:00am EST: Bloomberg May United States Economic Survey
- 5/23/2025 at 10:00am EST: New Home Sales / New Home Sales MoM
- 5/23/2025 at 11:00am EST: Kansas City Fed Services Activity
- 5/23/2025: Building Permits / Building Permits MoM