May 22 • 1M

Debt Ceiling: The Countdown Begins

Stock futures are flat ahead of a quiet day in terms of known events, leaving most of the focus on debt ceiling talks…

 
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The daily podcast discusses the major market activity and economic data release schedule for the day ahead, with a contrarian bent. Also includes regular podcast episodes a day (or more) early and without ads or announcements.
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Good morning contrarians! It is Monday, May 22.

State of Play

As of 0630 all is pretty quiet:

  • Stock index futures are effectively unchanged, with none moving more than 0.2% from the break-even point;

  • Commodities are down, with copper off 1% and natural gas down 1.6%. WTI crude oil is unchanged at $71.60/barrel;

  • Bonds are seeing a few bids, with the yield on the 2-year down 5 basis points to 4.24% and the 10-year down 3bps to 3.68% (yields move inversely to prices).

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