it is another quiet day with no strong, fresh catalysts to provide direction. There is Fedspeak from voter Daly later, but she is unlikely to counter the current view of patience and a high-for-longer stance. Meanwhile, it looks as though the markets are coiling for action next week when key data on CPI, retail sales, production, and manufacturing reports are due. Additionally, Chair Powell will be speaking (Tuesday) with the ECB's Knot at a special event by the Netherlands' Foreign Bankers' Association. Though it is an unlikely venue from something dramatic from Powell, it is a risk factor. There are several other FOMC voters on tap next week too with the hawks Bowman and Mester, along with Jefferson, Barr, and Bostic. Nonvoters slated include Logan, Kashkari, Goolsbee, and Harker. Treasuries are mixed with modest richening in the front end with the 2-year down -1.7 bps to 4.820%. The 5.036% close from April 30 looks like a solid top. The 10-year is up 1.2 bps to 4.496%, largely capped by 4.50%, with the 4.70% close from April 25 looking like solid resistance. The wi 30-year is 2.5 bps cheaper at 4.663% ahead of the auction. Wall Street has pared opening losses with the Dow and S&P 500 now slightly in the green. The S&P has recaptured the 5200 resistance level. Earnings season is coming to an end, leaving a bullish tone in its wake. The major indexes are 3% to 4% higher on the month after the April pullback.
