US Treasuries
- Treasury yields surged across the curve. Inflation and the Iran conflict create uncertainty.
- 10s closed on Friday at 4.595 [Friday’s range in 10s: 4.515/4.595]
- 2s closed on Thursday at 4.08 [Friday’s range in 2s: 4.035/4.085]
- 2y – 5y: + 17 bps
- 2y – 10y: + 51 bps
Intraday News Moving Markets
- Bloomberg: Bond Futures at Risk From Rapid Hedging Overhaul as Yields Climb
- Bloomberg: Inflation Risk Gives Corporate Bonds the Edge Over Sovereigns
- On Deck next week: $16 billion UST 20y Bond Auction (Wed, 5/20) and $19 billion UST 10y TIPS (Reopening) (Thurs, 5/21)
Intraday Commentary From Jim Bianco
The last time the 30-year yield traded at this level, George W Bush was President. [30s touched session high of 5.13% on Friday, 5/15]
Commodities
- Gold declined to $4,550 an ounce [84% of its recent high of $5,417 an ounce on 1/28/26]
- Silver declined to $76.57 an ounce [66% of its recent high of $116.70 an an ounce on 1/28/26]
- The Markets Today: Copper’s 8 Million Ton Shortage Is Creating a Once in a Generation Opportunity and This Junior Mining Explorer Is Sitting at the Center of It
Upcoming US Treasury Supply
Treasury Buyback Schedule
US Treasury Trade Fails
As of 5/14/2026, U.S. Treasury Fails were $27.91 billion and U.S. Agency Fails were $6.54 million.
TIPS by Maturity
Week over Week Changes by Maturity
- < 2 years: $24.4 Bn on 4/29/2026 to $27.0 Bn on 5/6/2026 = $2.6 Bn
- 2 – 6 years: $4.8 Bn on 4/29/2026 to $4.8 Bn on 5/6/2026 = $0.0 Bn
- 6 – 11 years: $1.7 Bn on 4/29/2026 to $1.1 Bn on 5/6/2026 = ($0.6) Bn
- > 11 years: $1,550 Mn on 4/29/2026 to $901 Mn on 5/6/2026 = ($649) Mn
In the News
Successful Farming: U.S. Expects ‘Double-Digit Billions’ in Chinese Farm Purchases After Trump-Xi Summit, Says Greer
Upcoming Economic Releases & Fed Speak
- 5/18/2026 at 08:30am EST: New York Fed Services Business Activity
- 5/18/2026 at 10:00am EST: NAHB Housing Market Index
- 5/18/2026 at 04:00pm EST: Total Net TIC Flows / Net Long-term TIC Flows
- 5/19/2026 at 08:00am EST: Fed’s Waller in Moderated Discussion
- 5/19/2026 at 08:15am EST: ADP Weekly Employment Change
- 5/19/2026 at 10:00am EST: Pending Home Sales MoM / YoY
- 5/19/2026 at 07:00pm EST: Fed’s Paulson Gives Keynote Address and Speaks on Economic Outlook
- 5/20/2026 at 06:00am EST: Bloomberg May United States Economic Survey
- 5/20/2026 at 06:00am EST: MBA Mortgage Applications
- 5/20/2026 at 09:15am EST: Fed’s Barr Speaks on Consumer Financial Health
- 5/20/2026 at 02:00pm EST: FOMC Meeting Minutes
- 5/21/2026 at 08:30am EST: Initial Jobless Claims / Continuing Claims
- 5/21/2026 at 08:30am EST: Philadelphia Fed Business Outlook
- 5/21/2026 at 08:30am EST: Housing Starts / Building Permits
- 5/21/2026 at 09:45am EST: S&P Global US Manufacturing / S&P Services PMI / S&P Composite PMI
- 5/21/2026 at 11:00am EST: Kansas City Fed Manf. Activity
- 5/21/2026 at 06:00am EST: Bloomberg May United States Economic Survey
- 5/22/2026 at 10:00am EST: Fed’s Waller Speaks on Economic Outlook
- 5/22/2026 at 10:00am EST: U. of Mich. Sentiment / Current Conditions / Expectations / 1Yr & 5-10 Yr Inflation
- 5/22/2026 at 11:00am EST: Kansas City Fed Services Activity
Upcoming Earnings Releases for Monday, May 18, 2026
Noteworthy Before-the-Open Earnings Release
|
Company |
Symbol |
Earnings estimate |
|
Baidu |
BIDU |
$11.56 per share |
Noteworthy After-the-Close Earnings Release
|
Company |
Symbol |
Earnings estimate |
|
Agilysys |
AGYS |
$0.50 per share |