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.

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