Several Fed members are scheduled to speak today in a variety of venues, beginning with Bowman at 9am ET, then Logan at 10am, Kashkari at 10am, Goolsbee at 12:45pm, Barr at 1:30pm, and Kashkari and Goolsbee again at 2:15pm. If the FOMC wants to send a coordinated message on the outlook for rates, today would be the day.
The dollar index is little changed today +0.03%, reflected in an even mix of small gains and losses against the G10. Comments from Fed officials could inject some volatility and traders are closely monitoring their terminals.
The Canadian dollar is +0.28% vs. its southern counterpart following a higher-than-expected net gain in employment for April, +90.4k actual vs. +20.0k estimate. April’s gain reverses a March -2.20k decline, for a March-April average of 44,100k (near the average monthly gain for the last year).
U.S. Treasury yields are higher today but are contained within recent ranges. The 10-year yield is leading all tenors, +0.029%.
Gold prices have started to move higher again, now +3.01% over two days and targeting $2,400/oz. Gold set an all-time high on April 12th at $2,431.29/oz.
U.S. Consumer Sentiment for May (preliminary) was reported 67.4, below the 76.2 estimate, its lowest reading since November.
