• Consumer Confidence Near 18-Year Highs

    May 28, 2019
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    Consumer Confidence Up

    May consumer confidence printed 134.1, well above the market's 130 forecast for the headline reading. The present situation gauge increased from 175.2 from a revised 169 reading, and the expectations component of the data rose to 106.6 from 102.7. This data puts consumer confidence back near 18 year highs, an especially impressive reading given weakness of May data month to date.

    Treasury Yields Lower

    Yields continue to move lower in US Treasuries, with TY 10s down 5.5 basis points to 2.266 percent. This represents a 19 month low, and reflects broad-based sentiment that the US-China trade issues will continue for the foreseeable future.

    Oil Prices Higher

    Oil futures were up slightly following last week's price, which was the lowest of the year. Supply is lower from Venezuela and Iran, but steadily improving from Russia now that the Druzhba pipeline issues have been addressed.

    Dallas Fed Manufacturing

    The Dallas Fed numbers were well below forecast at -5.3 on the headline for May. Within the details, the corporate outlook worsened to -1.7, and the outlook uncertainty component rose to 16.1, the highest since September. The print was a miss, but not important enough to move markets.



    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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