WASHINGTON (MaceNews) – In the cryptos – fear, uncertainty and doubt. For U.S. stocks, hit “resume” already and stay there. For that U.S. 10-year yield, is it still under 1.65%?
The fifth month of this recovery year is almost over and still things feel tentative. The reopenings are becoming universal and the return-to-the-office notices are showing up in emails. Stadiums are filling again. And yet … .
We’re assured the vaccines are probably effective against the world’s most aggressive virus variant, India’s B.1.617.2, that is showing up in the U.S, first in Las Vegas and North Texas. We’re assured there is so much money on the sidelines and so much pent-up demand that enthusiasm for stocks can’t possibly ebb for long. But tech stocks? Friday’s Nasdaq was trailing deeper into the red at the end-of-week close.
The Cleveland Fed’s Harker joined with the Dallas Fed’s Kaplan in seeming to look forward to talking about talking about you know what. But the core of the Federal Reserve seems steeled against the pressure of the inflation story.
After all, if oil prices and sentiment did not seem too correlated with those rockets and rubble in Gaza and Israel, resilience seems pretty well entrenched in the investor’s psyche. And yet … .
Grasping for uplift and hope, the CNBC audience heard Microstrategy’s Michael Saylor Friday describe Bitcoin as the “apex” asset in this world of CEO missteps, central bank largesse, political paralysis and China repugnance. With billions of the “apex” on his balance sheet, his shares to fall nearly 5% on the day, and Bitcoin going down, down, down he said Bitcoin is immune to all that confusion and disruption. Just believe in its unbounded future. Please. Otherwise … but let’s not go there.
And so it’s still not a year to take anything for granted. The upcoming economic data seems exhumed from the archives rather than providing any fresh looks. There are so many ICYMIs floating around, the impression left is we actually are missing a lot, that our FOMO obsession is getting the better of us, that someone is just waiting to spring another IRL on us.
It’s sort of a Lake Charles syndrome, where when you turn in for the night you are half afraid to wake up seeing your car floating down the street. What to do? Stay alert. Keep reading Mace News.
The list of the upcoming week’s data points is below:
UPCOMING ECONOMIC DATA AND FEDERAL RESERVE EVENTS
Monday, May 24 – 8:30a ET ChiFed Apr Nat’ Activity Index (CFNAI)
Monday, May 24 – 9a ET Fed Gov Brainard speaks on digital FX
Monday, May 24 – 11a ET CleveFed’s Mester speaks, at Cleve Fed
Monday, May 24 – 12 noon ET Atl Fed’s Bostic speaks, Hoyt Inst
Monday, May 24 – 6:30p ET KC Fed’s George speaks, at KC Fed Ag Conf
Tuesday, May 25 – 8:55 ET Johnson-Redbook wkly retail activity
Tuesday, May 25 – 9a ET US March/1Q FHFA House Price Index
Tuesday, May 25 – 9a ET March Case-Shiller Home Price Index
Tuesday, May 25 – 10a ET Fed’ Quarles testifies, Sen Bnking
Tuesday, May 25 – 10a ET Conf Board May Consumer Confidence
Tuesday, May 25 – 10a ET US Apr New Home Sales
Tuesday, May 25 – 10a ET Richmond Fed May Mfg Index
Wednesday, May 26 – 7a ET US MBA wkly mortgage applications
Wednesday, May 26 – 10a ET Fed’s Quarles speaks, NAIC
Wednesday, May 26 – 10:30a ET US EIA wkly oil stocks
Wednesday, May 26 – 3p ET Fed’s Quarles speaks, Hutchins Cntr
Thursday, May 27 – 8:30a ET 1st revision, US 1Q GDP/corp profits
Thursday, May 27 – 830a ET US DoL wkly jobless benefit initial claims
Thursday, May 27 – 830a ET US Apr Durable Goods orders
Thursday, May 27 – 10a ET US NAR Apr Pending Home Sales
Thursday, May 27 – 11a ET KC Fed May Mfg Index
Friday, May 27 – 8:30a ET US Apr Personal Income
Friday, May 27 – 8:30a ET US Apr int’l trade, goods/svcs
Friday, May 27 – 9:45a ET May US Chi PMI Business Barometer
Friday, May 27 – 10a ET UMich Final Apr Consumer Sentiment
Friday, May 27 – 1p ET Baker-Hughes wkly rig count
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Contact this reporter: denny@macenews.com.
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