Good morning contrarians! It is Tuesday, May 16.
State of Play
As of 0635 we are looking at a little bit of risk off:
Stock index futures are pointing to a lower open, led by the Russell 2000 which tracks small caps. The Russell is down 0.4%;
Commodities are moving lower led by copper (-1.2%). Silver is down 1%. WTI crude oil is unchanged at $71/barrel;
Bonds are seeing a few bids with the 2-year yield down 2 basis points to 3.98% and the 10-year down 4bps to 3.47% (yields move inversely to prices).
Known Events
Michael S. Barr, the vice chair for supervision, testifies before the House Financial Services Committee today. His prepared statement is public already. (Not sure if that was some kind of glitch. These statements are delivered to media ahead of time so it would make some sense for the Fed to just put it up on their website as well).
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