US Treasuries
- Wednesday’s range for UST 10y: 4.50% – 4.60%, closing at 4.59%
- Long-dated Treasury yields climbed higher after a weak UST 20y auction
- UST 30y yield hit YTD high: Range for UST 30y today: 4.99% – 5.095%, closing at 5.085%
- $18 billion UST 10y TIPS Auction (Reopening) Tomorrow
Bloomberg: 30-Year Yield Soars Above 5% on Sign of Dimming Investor Demand
Treasuries extended losses on soft demand for a sale of 20-year bonds above 5%, illustrating the anxiety among investors over holding long-term US debt.
Upcoming US Treasury Supply
Tentative Schedule of Treasury Buyback Operations
In Other News
Farm Progress: Brazil’s bird flu outbreak disrupts global chicken supply
The detection of bird flu in a single poultry farm in southern Brazil is reverberating around the world, depriving buyers from China to Europe of the chicken they’re increasingly voracious to consume.
Arbor Data Science:
ZeroHedge: Breaking Down Global Military Spending by Country In 2024
In 2024, global military expenditure reached $2.7 trillion, hitting a record high – and just three countries made up more than half of the total.
Arbor Data Science: Strong Performance in Defense Stocks by Petr Pinkhasov
Bloomberg: Inside the First Stargate AI Data Center
OpenAI, Oracle and SoftBank hope that the site in Texas is the first of many across the US.
Fast Company: What is a ‘zombiecorn’? AI companies are bleeding these startups dry of VC funding
A new report from Silicon Valley Bank found 40% of last year’s venture cash came from funds that focus on AI—at the expense of almost every other type of company.
Upcoming Economic Releases & Fed Speak
- 5/22/2025 at 08:00am EST: Fed’s Barkin Participates in Fireside Chat
- 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
- 5/28/2025 at 04:00am EST: Fed’s Kashkari Participates in Moderated Q&A
- 5/28/2025 at 07:00am EST: MBA Mortgage Applications
- 5/28/2025 at 10:00am EST: Richmond Fed Manufact. Index / Richmond Fed Business Conditions
- 5/28/2025 at 10:30am EST: Dallas Fed Services Activity
- 5/28/2025 at 02:00pm EST: FOMC Meeting Minutes