US Treasuries
- Tuesday’s range for UST 10y: 4.425% – 4.52%, closing at 4.475%
- Long-dated Treasury yields were higher in the afternoon: UST 30y closed just under 5% at 4.96%
- UST 30y range for the day: 4.885% – 4.995%
- $16 billion UST 20y bond auction tomorrow
- Fed’s Musalem: says tariffs will likely weigh on the US economy and weaken the labor market
Upcoming US Treasury Supply
Tentative Schedule of Treasury Buyback Operations
In Other News
eia: Refining industry risks from 2025 hurricane season
Colorado State University’s hurricane forecast estimates the 2025 hurricane season will exceed the 1991–2020 average, with an estimate of 17 named storms, compared with a historical average of 14 storms.
OilPrice: OPEC Remains Optimistic About Oil Demand Despite Economic Risks
OPEC’s expectations of global oil demand growth “remain generally optimistic,” despite recent headwinds including risks to trade and the global economy, OPEC Secretary General Haitham Al Ghais said on Tuesday.
ZeroHedge: Buy Now, Pay Never? Klarna’s Losses Double As US Consumers Fall Behind On Payments
In an absolute shocker that you’ll never believe (unless you read ZeroHedge) – Klarna, the Swedish financial technology firm known for its “buy now, pay later” (BNPL) offerings, reported a sharp increase in losses for the first quarter, driven by a rise in consumer defaults and economic unease in the United States.
Arbor Data Science: The Upward Trajectory of Buy Now, Pay Later Usage
FingerLakes1.com: Build-to-rent boom transforms U.S. housing market: Explained
As rising home prices and mortgage rates continue to price out many would-be buyers, the build-to-rent model is reshaping the American housing market. Developers are constructing entire neighborhoods of single-family homes exclusively for rent—offering space, privacy, and amenities without the burden of ownership.
Upcoming Economic Releases & Fed Speak
- 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 05:00pm EST: Fed’s Kugler Gives Commencement Address
- 5/20/2025 at 07:00pm EST: Fed’s Hammack, Daly Give Keynote, Bostic Moderates
- 5/18/2025 – 5/21/2025: Federal Reserve Bank of Atlanta’s 2024 Financial Markets Conference
- 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 09:35am EST: Fed’s Musalem, Schmid Speak in Fireside Chat
- 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 at 12:00pm EST: Fed’s Cook Gives Speech on Financial Stability
- 5/23/2025: Building Permits / Building Permits MoM
- 5/25/2025 at 02:40pm EST: Fed’s Powell Gives Baccalaureate Remarks
- 5/27/2025 at 04:00am EST: Fed’s Kashkari Speaks at Bank of Japan Event
- 5/27/2025 at 08:30am EST: Durabale Goods Orders / Durables Ex Transportation
- 5/27/2025 at 08:30am EST: Cap Goods Orders Nondef Ex Air / Cap Goods Ship Nondef Ex Air
- 5/27/2025 at 09:00am EST: FHFA House Price Index MoM / House Price Purchase Index QoQ
- 5/27/2025 at 09:00am EST: S&P CoreLogic CS 20-City MoM SA/ YoY NSA
- 5/27/2025 at 09:00am EST: S&P CoreLogic CS US HPI YoY NSA
- 5/27/2025 at 10:00am EST: Conf. Board Consumer Confidence /Present Situation / Expectations
- 5/27/2025 at 10:30am EST: Dallas Fed Manf. Activity
- 5/27/2025 at 07:00pm EST: Fed’s Williams Speaks in Moderated Discussion in Tokyo