It’s a light week on the economic calendar with the S&P PMIs as the only real market movers. I expect more ‘wait-and-see’ from the Fed speakers.

Aside from what’s listed here, we will be waiting for the US to strike some trade deals and House Republicans are aiming to pass Trump’s budget. Note that the following Monday is a holiday so next Friday afternoon should be quiet.

Monday (May 19)

• Fed-fest:

  • 08:30 ET Bostic (voter)

  • 08:45 ET Jefferson + Williams (vice-chair, voter)

  • 13:15 ET Logan (Dallas, non-voter)

  • 13:30 ET Kashkari (Minneapolis, non-voter)

Tuesday (May 20)

Wednesday (May 21)

• Treasury: $16 bn 20-yr auction.

• Fed line-up: 09:15 ET Barkin + Bowman (voter), 14:00 ET Williams.

Thursday (May 22) – the data heavy day

• 08:30 ET – Initial jobless claims: consensus 226 k (prior 229 k).

• 08:30 ET – Chicago Fed national activity index (Apr) – no consensus (prior -0.0).

• 09:45 ET – S&P flash PMIs (May)

  • Services 50.6 vs 50.8 prior

  • Manufacturing 49.8 vs 50.2 prior

  • Composite – no consensus.

• 10:00 ET – Existing-home sales (Apr)

• Treasury: $18 bn 10-yr TIPS reopening.

Friday (May 23)

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