The Closer – Minutes Review, Durable Goods, High Yield Rally – 5/25/22

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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start out tonight with some notes on today’s release of the Fed’s meeting minutes (page 1). We then recap today’s 5 year note auction (page 2) followed by a look into the durable goods numbers (page 3). Pivoting back to fixed income, we then take a look at credit spreads (page 4). We finish with our weekly recap of EIA stockpile data (page 5).

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The Closer – Bank Balance Sheets, Collapsing Home Sales, PMI Whiffs – 5/24/22

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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin tonight with a look at the huge reversal in the dollar while commodities have resumed a move higher (page 1). We follow up with the quarterly update from the FDIC on aggregate balance sheets of institutions covered by its deposit insurance (page 2). Turning to housing data, we then recap the latest new home sales data (pages 3 and 4) followed by an update of some Five Fed Composite charts (page 5).  We finish with a recap of the 2-year note auction (page 6).

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The Closer – Economic Worries & A Fed Pivot, Secure Finances, CoT Data – 5/23/22

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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start out tonight by taking a look at how economic data performance relative to expectations has slid. We also provide a quick recap of today’s Fedspeak (page 1). Next, we review the Chicago Fed National Activity Index (page 2) followed by the Federal Reserve’s release of the Report on the Economic Well-Being of US Households (page 3). We then dive into a handful of interesting energy-related data points (page 4) before previewing this week’s Treasury auctions (page 5) and recapping last week’s Commitments of Traders report (pages 6-8).

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The Closer – Brutal Data Day, Existing Home Collapse, Five Fed, 10 Year TIPS Sale – 5/19/22

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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start with a rundown of bad economic data’s implications for the Fed and some of tonight’s earnings reports (page 1). We then dive into the collapse in existing home sales (page 2) and the brutal changes to housing affordability (page 3). Elsewhere in economic data, we dive into the how leading and coincident indicators are rolling over and what that means as a recessionary signal (page 4). After an update of our Five Fed Manufacturing Composite (page 5), we close with a look at today’s tailing 10 year TIPS auction (page 6).

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The Closer – Retailer Wreckage, Slow Building, EIA Update – 5/18/22

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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start out tonight with a look at the increase in inventories for major retailers (page 1) followed by an update on energy inventories per the latest EIA data (page 2). We then show how dramatic of a drop certain areas of the market saw today and the ratios of Consumer Discretionary and Energy to Consumer Staples and their predictive power of recessions (page 3). Pivoting over to housing data, we review today’s residential construction figures (pages 4-6) before finishing with a recap of today’s 20 year bond auction (page 7).

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The Closer – Technical Turnaround, Industrial Production, Electrical Plays – 5/17/22

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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin tonight’s Closer with a look at the Fed Chair’s comments and some political news (page 1) followed by a look at some technical updates on the Hang Seng Tech index and ARK Innovation ETF (ARKK) (page 2).  Turning to macro data, we delve into the very strong industrial production data released today (page 3) including a look at how the COVID drawdown compares to others throughout history (page 4). We finish with a note on electricity production (page 5).

See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!