Good Monday AM,

Welcome to the last week of May and the unofficial start of summer. We had a quiet weekend and will likely have a quiet start to the week. We have a little data out tomorrow and then have a heavy day on Thursday (unemployment claims, durable goods, GDP) and Friday (income, PCE, etc.). The FED watches these numbers as much if not more than the CPI numbers. All asset classes (including Crypto) are doing well today. Bonds are threatening to break above their 50-day moving averages and treasuries are again testing the resistance level. The typical pattern over the ages (and the universe which we have been living in) has been the price moves from the bottom support level and then bounces up to the top resistance level, only to fall back down to the support. This can happen for months. At some point the price does build energy and it breaks one way or the other. Our hope is we are nearing a breakout to lower rates.  We will have the May jobs report next Friday on June 4th. Another weak report as we had this past month would likely lead to lower rates. I strong report and well, rates will not go lower. I would anticipate any price improvements will be somewhat muted until we get through this week’s data and then next week’s jobs report. A 10-yr above 1.60% is probably a lock signal. If we dip below, maybe float (currently we are at 1.60%)

Please remain safe and healthy, make today great!