|Memorial Day Holiday|
Although the volatile civilian aircraft sector is likely to pull overall durable goods orders into negative territory in today’s advance April report, core capital goods shipments should be consistent with solid business investment in equipment at the start of the second quarter. The first revision to Q1 GDP may result in a minimal improvement from the advance estimate of a 0.7% gain. The final May reading of the University of Michigan consumer sentiment survey may be down slightly from the preliminary result, but it should remain solid in absolute terms.
Today's bill auctions: 4-, 13- & 26-week bills; 14-day CMB
The Treasury released its latest annual survey of foreign holdings of U.S. securities at the end of April. The results are somewhat out of date, as the survey covered positions as of last June. Some of the details in the report were of interest nonetheless. Aggregate foreign holdings of longer-dated Treasury and GSE securities were on the rise in 2016, while the public/private breakdown of foreign holdings of Treasury index-linked and floating-rate securities was in flux.