It has been a pretty busy morning in terms of economic data with six releases already out.  The results: beats across the board.  Not a single US indicator today has come in worse than expectations/the prior period.  At 8:30, we got some housing data with both Housing Starts and Building Permits for the month of April. Each one were expecting an uptick, but the actual releases rose by even more than anticipated. In The Closer tonight, we’ll discuss some of the reasons that the headline was much stronger than the underlying details. The Philly Fed also released its Business Outlook Index at 8:30. After a reading of 8.5 in April, forecasts were calling for a moderate rise to 9.  Instead, it crushed estimates rising to 16.6 for the month of May.  Turning to some weekly releases, initial jobless claims and continuing claims both fell more than was anticipated while optimism, as seen through Bloomberg’s Consumer Comfort, rose modestly. Still on deck later today, we have two weekly bill auctions in addition to scheduled speeches from Minneapolis Fed President Kashkari and Fed Governor Brainard. Given Brainard is a voting FOMC member and Kashkari is an alternate voter, markets will monitor their words for hints of what might be to come in terms of monetary policy.

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