US Treasuries
- Tuesday’s range for UST 10y: 4.43%- 4.485%, closing at 4.43%
- Today’s range for UST 30y: 4.93%- 5.00%, closing at 4.93%
- $70 billion UST 5y Note Auction Tomorrow
- Fed Kashkari: favors maintaining Fed rates until more tariff clarity
- Fed Barkin: says businesses on hold amid elevated uncertainty
Bloomberg: Treasury Cuts Size of Bill Sales as Debt-Cap Pressures Bite
The US Treasury Department cut the size of its four- and eight-week bill auctions, the beginning of what’s likely to be a series of reductions as the government seeks to preserve its borrowing authority under the statutory debt ceiling.
Upcoming US Treasury Supply
Tentative Schedule of Treasury Buyback Operations
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< 2 years: $17.4 Bn on 5/07/25 to $18.6 Bn on 5/14/25 = $1.2 Bn
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2 – 6 years: $6.7 Bn on 5/07/25 to $6.0 Bn on 5/14/25 = ($0.7 Bn)
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6 – 11 years: $4.5 Bn on 5/07/25 to $4.4 Bn on 5/14/25 = ($0.1 Bn)
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> 11 years: ($931) Mn on 5/07/25 to ($582) Mn on 5/14/25 = $349 M
In Other News
Newsweek: Florida’s battle against property tax could upend its housing market
Florida is among several GOP-led states that are currently trying to drastically reduce, reform, or even abolish property taxes to offer relief to homeowners struggling with rising housing costs.
CBTNews: Used car prices surge past $30K as supply shrinks
Used vehicles are more expensive than they’ve been in years. The average transaction price for used vehicles three years old or newer surpassed $30,000 in Q1 2025.
Arbor Data Science: All About Autos
Yahoo: AI is ‘breaking’ entry-level jobs that Gen Z workers need to launch careers
As millions of students get ready to graduate this spring, their prospects for landing that first job that helps launch their careers is looking dimmer.
Fast Company: The return-to-office mandate is here. So is the open office. One has to go
The era of remote work flexibility is over. From Fortune 100 companies to federal agencies, employees are being summoned back to office towers and cubicles under sweeping return-to-work (RTO) mandates.
Upcoming Economic Releases & Fed Speak
- 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
- 5/29/2025 at 08:30am EST: GDP Annualized QoQ / GDP Price Index
- 5/29/2025 at 08:30am EST: Personal Consumption
- 5/29/2025 at 08:30am EST: Core PCE Price Index QoQ
- 5/29/2025 at 08:30am EST: Initial Jobless Claims / Initial Claims 4-Wk Moving Avg / Contining Claims
- 5/29/2025 at 08:30am EST: Fed’s Barkin Participates in Fireside Chat
- 5/29/2025 at 10:00am EST: Pending Home Sales MoM / YoY
- 5/29/2025 at 10:40pm EST: Fed’s Goolsbee Participates in Moderated Q&A
- 5/29/2025 at 02:00pm EST: Fed’s Kugler Gives Opening Remarks
- 5/29/2025 at 04:00pm EST: Fed’s Daly Speaks in a Fireside Chat
- 5/29/2025 at 07:25pm EST: Fed’s Logan Gives Remarks, Speaks in Q&A
- 5/30/2025 at 08:30am EST: Personal Income & Personal Spending & Real Personal Spending
- 5/30/2025 at 08:30am EST: PCE Price Index MoM & PCE Price Index YoY
- 5/30/2025 at 08:30am EST: Core PCE Price Index MoM & Core PCE Price Index YoY
- 5/30/2025 at 08:30am EST: Advance Goods Trade Balance & Wholesale Inventories MoM & Retail Inventories MoM
- 5/30/2025 at 09:45am EST: MNI Chicago PMI
- 5/30/2025 at 10:00am EST: U. of Mich. Sentiment & U. of Mich. Current Conditions & U. of Mich. Expectations
- 5/30/2025 at 10:00am EST: U. of Mich. 1 Yr Inflation & U. of Mich. 5-10 Yr Inflation
- 5/30/2025 at 04:45pm ET: Fed’s Daly Speaks in Panel Discussion
- 5/30/2025 at 08:30pm EST: Fed’s Goolsbee Participates on the Interview Show
- 6/02/2025 at 09:45am EST: S&P Global US Manufacturing PMI
- 6/02/2025 at 10:00am EST: ISM Manufacturing & ISM Prices Paid & ISM New Orders
- 6/02/2025 at 10:00am EST: IM Employment & Construction Spending MoM
- 6/02/2025 at 10:15am EST: Fed’s Logan Participates in Moderated Q&A
- 6/02/2025 at 12:45pm EST: Fed’s Goolsbee Participates in Moderated Q&A