“There is little in the way of market moving economic data this week ahead of the Memorial Day weekend. The inflation story continues to evolve and even Chair Powell acknowledging consumers are frustrated with overall price levels. As the Fed continues to stress the need for more time with the 2024 inflation readings the narrative will begin shifting more succinctly to the fiscal side. Tomorrow, we hone in on a speech by Fed Governor Waller on the economy. Expectations are for a modest corporate calendar front-loaded. We get the 20-year on the US Treasury end. In the 10-year nominal yields we see a short-term 4.50% mid-point with a +/- 20 basis point range the most recent rejection at the lower end. Have a great week!”

Get your updates each week with Gregory (Greg) Faranello, CFA, Head of US Rates at AmeriVet Securities, Inc..